As for credit quality, he told analysts, “We continue to see the normalization story ‘play out’ with the consumer, more or less exactly as expected.”
Mason, who took in $15 million in 2022, regained the compensation title from Bank of America’s Alastair Borthwick, who led in 2021 but slipped to third last year.
The Montreal-based bank, the smallest of Canada's big six banks, is the latest to aside more funds in case consumers have trouble paying back their loans and mortgages
That scramble pushed rates on savings accounts to 5.05% at the end of the second quarter, according to Bankrate, their steepest level since February 2008.
The collaboration, Underwriting for Racial Justice, aims to create new lending criteria for lower-income U.S. borrowers who have historically faced higher barriers to obtaining financing.
According to Hello Alice data, only 25% of small business owners have applied for a business credit card, and 85% of those applications were denied due to poor credit or lack of credit.