The Globe and Mail reports in its Friday, Nov. 25, edition that for the first nine months of their current fiscal year, Canada's Big Six banks have set aside nearly as much money for bonuses as they did during the same period in 2021 and, in some cases, much more. The Globe's Jameson Berkow writes that Canadian Imperial Bank of Commerce has set aside $1.86-billion for variable compensation during the first three quarters of 2022, which is $133-million more than the amount set aside during the same nine-month period in 2021. Toronto-Dominion Bank has set aside $2.5-billion during the first three quarters of 2021, or $177-million more than the same period one year prior.
Collectively, all six major banks in Canada set aside $14.59-billion for bonuses during the first three quarters of this year.
That is almost identical to the $14.56-billion set aside during the same period in 2021. The increases appear even more dramatic when compared with prepandemic levels. In total, Canada's Big Six paid out more than $19-billion in variable compensation in 2021, representing growth of more than 22 per cent from the $15.6-billion they paid collectively in 2019. Next year is when ballooning bonus levels are expected to deflate.
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