National

TD Bank CEO Bharat Masrani Received A 10 Per Cent Hike In Pay Last Year As Bank Laid Off Staff

Darpan News Desk The Canadian Press, 23 Feb, 2016 01:03 PM

TORONTO — TD Bank CEO Bharat Masrani was given a 10 per cent pay bump in 2015, his first full year in the top job, as the bank cut staff as part of an effort to trim costs.

The bank issued its management proxy circular on Tuesday, showing that Masrani was paid $9 million in total direct compensation in 2015. The amount was up from a total of nearly $8.2 million he earned in 2014.

According to the proxy circular, the increase was due largely to Masrani taking over the chief executive job on Nov. 1, 2014.

He replaced Ed Clark, who earned $11.3 million in total direct compensation in 2014.

Cost management has been top of mind for Canada's big banks amid concerns about slowing loan growth, weak oil prices and low interest rates.

Last October, TD confirmed reports it was eliminating jobs after a review, but it declined to say how many.

There have been reports from various media sources that several hundred employees were let go.

The bank (TSX:TD) is scheduled to release its first-quarter results Thursday.

Prev Next

MORE National ARTICLES

Ontario Bill Would Allow First Responders With PTSD Quicker Treatment

The law would create a presumption that PTSD in first responders is work related, removing the need for them to prove a causal link to the Workplace Safety and Insurance Board.

Ontario Bill Would Allow First Responders With PTSD Quicker Treatment

Pope Francis Suggests Contraception Can Be Condoned In Zika Crisis

Pope Francis has suggested that women threatened with the Zika virus could use artificial contraception, saying there's a clear moral difference between aborting a fetus and preventing a pregnancy.

Pope Francis Suggests Contraception Can Be Condoned In Zika Crisis

CRTC Denies Appeal To Force Big Telcos To Give Access To Their Wireless Networks

Canada's broadcast regulator has denied an appeal by small Internet providers to require major telecommunications companies to provide access to their wireless networks.

CRTC Denies Appeal To Force Big Telcos To Give Access To Their Wireless Networks

Prabjote Lakhanpal, Brampton, Ont. Teen Cancer Survivor Gunning For Justin Trudeau’s Job

19-year-old cancer survivor from Brampton, Ont., says he wants to be prime minister — a job he had the chance to try on for size for a few days as part of an elaborate wish granted by Make-A-Wish Canada.