TD Bank CEO received a 10 per cent hike in pay last year as bank laid off staff

TORONTO – TD Bank CEO Bharat Masrani was given a 10 per cent pay bump in 2015, his first full year in the top job, as the bank cut staff as part of an effort to trim costs.

The bank issued its management proxy circular on Tuesday, showing that Masrani was paid $9 million in total direct compensation in 2015. The amount was up from a total of nearly $8.2 million he earned in 2014.

According to the proxy circular, the increase was due largely to Masrani taking over the chief executive job on Nov. 1, 2014.

He replaced Ed Clark, who earned $11.3 million in total direct compensation in 2014.

Cost management has been top of mind for Canada’s big banks amid concerns about slowing loan growth, weak oil prices and low interest rates.

Last October, TD confirmed reports it was eliminating jobs after a review, but it declined to say how many.

There have been reports from various media sources that several hundred employees were let go.

The bank (TSX:TD) is scheduled to release its first-quarter results Thursday.