The Age of Austerity

RBC leads big bonus parade for Canadian banks

Canada's banks have set aside $10.3 billion for bonuses, a 7.5 per cent increase over last year, bucking the global trend toward pay cuts and even job losses on Wall Street and in London.

From tellers to investment bankers, the individual payouts in Canada can range from a few hundred dollars to millions, according to industry experts.

Most of us are being told to expect less. It's the Age of Austerity and we all need to tighten our belts.

Still, the days of the really big payouts followed by year-end spending binges may be moderating, some industry experts said.

For bankers, a 7.5 per cent increase over last year's bonuses is "moderate."

Of course this happens because the banks are doing really well as are many large corporations. There's lots of money out there. It's just not very well distributed. The Austerity Agenda is a fraud.

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