Tuesday, 3 February 2009

Compensation of bank CEOs slashed

Royal Bank's Nixon forgoes $4.95 million bonus; BMO, Scotiabank execs forfeit pay, other rewards

The top executives at three of Canada's biggest banks are taking deep pay cuts after the financial crisis eroded profits and battered stocks.

Royal Bank of Canada's chief executive officer announced yesterday that he is voluntarily turning down nearly $5 million in 2008 compensation, while his counterpart at the Bank of Nova Scotia saw his pay package slashed by 20 per cent. Hours later, Bank of Montreal's CEO also decided to give up $4.1 million in rewards.

Poor fella! Turning down a $5 million bonus. However will he manage?!

Seriously, it's mind boggling how these guys get a bonus ... A BONUS ... of $5 million! Most people dream of winning $1 million on a lottery and these guys get five times this as a bonus plus their salaries.

Do you think they deserve it?

You can read the article in today's Toronto Star.


Teresa said...

Absolutely not deserved! Don't get me going on the banks grrrrrrrrrr. Always nickel and diming us to death with ever growing fees.

Haley-O said...

Wow..., imagine what they're MAKING if they're forfeiting that bonus. Wow....

And, do they deserve it? Well, it depends.... Are they doing good in the world? Are they making the world a better place? Do they get it at the expense of other people's jobs/salaries...?

Tina said...

turned down 5 million! that is someone who is stupidly rich already or just insane!

raino said...

no sympathy coming from MOI about banks i'm afraid.


Julie said...

No one is worth that much money. Period.

Sue said...

Ridiculous! This is why we have to pays so many fees ...

corporatebully said...

RBC Bank President Gordon Nixon - Salary $11.73 Million


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca





"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Toni said...

Wow that is a lot of money. Think of how many jobs that much money could support!