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.