TORONTO – TD Bank CEO Bharat Masrani was given a 10 per cent pay bump in 2015, a year when the bank laid off staff as part of a company-wide effort to trim costs.
The bank issued its management proxy circular on Tuesday, showing that Masrani was paid $9 million in total compensation.
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The document says the bank’s board of directors set that pay on a recommendation from its human resources committee, which considered a number of factors, including TD’s performance against other banks.
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.
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There have been reports from various media sources that several hundred employees were let go.
The bank is scheduled to release its first quarter results on Thursday.
Masrani was appointed CEO on Nov. 1, 2014.
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