activity in the mining and energy sectors have offset the need for outsized cuts to annual payments made in early December.
“There is an ongoing sort-of steadiness,” he said, “though [staff working in] certain sectors that had an outsized performance at the margin would get paid that much of a premium.” “Because there is so much demand for talent still at that junior level, you can’t go and say, ‘hey we are going to cut your pay by 20 per cent and at the same time try and hire 20 per cent more people.’ That is just not going to work,” Mr. Vlaad said.
Canadian Imperial Bank of Commerce has set aside $1.862-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.
Ms. Kwan said recent across-the-board bonus cuts by major financial institutions in the United States paint a grim picture of what is to come in Canada.