Saturday, January 21, 2006

Money Money Money


On average Canadian unionized workers saw their paycheques increase just above the rate of inflation by 2.3% On the other hand Bankers, who do not produce any real value merely exchange values, saw their wage increase 10%-14%. And this is one of the smallest banks in Canada. And contrary to the Conservatives, err Canadian Taxpayers Federation, their pensions are larger than the one Landslide Annie is going to earn.

National Bank of Canada increased the pay of chief executive officer Réal Raymond last year after profit climbed 18 per cent. Mr. Raymond was paid $7.4-million in salary, bonus, stock options and pension contributions, a 10-per-cent increase from $6.7-million a year earlier, the Montreal-based lender said yesterday in a regulatory filing. National Bank's profit climbed to a record $855-million, or $4.90 a share in the year that ended Oct. 31. Louis Vachon, who runs the National Bank Financial investment bank, earned $6.2-million, up from $4.1-million a year ago. Pierre Fitzgibbon, who became chief financial officer in July, earned $1.96-million in cash, bonuses, stock options and retirement benefits, while his predecessor Michel Labonté earned $753,500. NA (TSX) fell 19 cents to $60.90. Bloomberg


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