TD Bank says CEO Bharat Masrani was paid $9 million in direct compensation last year — a 10% increase from the year before. His total compensation was valued at $10.7 million, including stock options and his pension.
TD’s management proxy circular justified the increase by saying Masrani’s accomplishments included overseeing $8.8 billion in adjusted earnings and $23 billion in referrals to TD’s Wealth business from other TD businesses in Canada. The circular also noted, however, that employee engagement fell three basis points from its 2014 level to 4.17.
The announcement comes just months after TD confirmed reports it was eliminating jobs after a review. It declined to say how many but various media sources reported that several hundred employees were let go.
Despite the cuts, TD also has plans to hire hundreds more investment advisors and financial planners.
Tim Hockey, TD Bank Group’s group head, Canadian Banking and Wealth Management, earned $5.5 million in direct compensation in 2015, for a total of $5.80 million when counting stock options and pension. While his direct compensation fell $50,000 from 2014, his total compensation is up slightly (from $5.76 million in 2014). The circular noted Hockey helped his segment achieve “record adjusted earnings of $5.9 billion, an increase of 8% over 2014. The increase was primarily due to good loan and deposit volume growth, good wealth asset growth, strong credit performance, and higher insurance earnings, partially offset by margin compression and expense growth.”
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