Toronto-Dominion Bank paid Bharat Masrani $9.38 million for fiscal 2015, his newbie as ceo of Canada’s largest lender.
Masrani, 59, received $1 million in salary, $4.22 million in share-based awards and $2.08 million of option awards in addition to $1.7 million in incentive pay and $383,692 in other compensation, the Toronto-based bank said Tuesday inside a regulatory filing. Masrani became CEO on Nov. 1, 2014, after Ed Clark retired.
Masrani got $8.55 million – or $7.59 million after a pension adjustment – in the previous fiscal year, as he was chief operating officer, according to the filing.
Toronto-Dominion paid its investment-banking head Bob Dorrance $7.81 million for this past year, down 2.9 percent from fiscal 2014, based on the filing. Mike Pedersen, group head of U.S. personal and commercial banking, received about $7.33 million, a 15 per cent boost. The amounts exclude pension values.
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Cost management continues to be 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 had been eliminating jobs after a review, however it declined to say the number of.
There have been reports from various media sources that several hundred employees were let go.
The bank is scheduled to produce its first-quarter results Thursday.
Bloomberg News, with files in the Canadian Press
