And almost all of them got raises.
The economy may be tough for most Canadians – with slowing growth, rising debt, and wage growth that often don’t line up with inflation, not to mention the rising burden of taxes and excessive regulations.
However, there’s one group it’s going great for:
The CEOs of Canada’s big five banks made a combined $66.92 million last year.
As if that wasn’t enough, almost all of them got raises.
According to data compiled by BNN, here’s how the big bankers did in 2017:
Dave McKay, CEO, RBC: $13.36 million, nine per cent raise year-over-year
Brian Porter, CEO, Bank of Nova Scotia: $12.84 million, nine per cent raise year-over-year
Bharat Masrani, CEO, TD Bank: $12.44 million, 20 per cent raise year-over-year
Bill Downe, Former CEO, BMO: $10.53 million, one per cent pay cut year-over-year (retired)
Darryl White, CEO, BMO: $8.31 million, two per cent raise year-over-year
Victor Dodig, CEO, CIBC: $9.44 million, three per cent raise year-over-year
Most Canadians would love to get raises of 9%, 20%, or even 3%, yet that hasn’t been happening for most of our citizens.
Instead, many people are finding it nearly impossible to keep up with the rising cost of living, leading many people further into debt in an effort to keep their heads above water.
As we continue to see, Canada really has two separate economies. An economy where the elites are doing great, and a far tougher economy for the rest of us.