TD Bank to give most non-executive employees mid-year salary raises – Philadelphia Business Journal – The Business Journals

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TD Bank Group, the parent company of TD Bank, is giving most of its non-executive employees 3% raises and offering one-time cash bonuses to some other staff amid rising inflation and a fierce battle to recruit and retain talent.
In an internal memo to the Toronto-based company’s 90,000 employees, TD CEO Bharat Masrani said the pay raises will take effect July 1 and will be distributed to non-executive employees as well as associate and district vice presidents. Employees who receive commission or commission-like payments, or those who participate in the TD Securities or TD Asset Management Performance Compensation Plan (PCP) — at or below director level — will receive an alternative one-time cash award. That will be in addition to any year-end raises the bank would normally hand out in its typical compensation cycle.
The extra cash comes at a time when inflation is soaring and the Great Resignation has made it tougher to recruit and retain employees. TD (NYSE: TD), which operates its U.S. banking arm out of Cherry Hill, said in its first quarter earnings report that costs rose by 3% compared with the same period of last year.
Masrani said in his memo that the extra cash was a reward to employees “for the dedication and resilience” shown during the Covid-19 pandemic.
“Today, I am pleased to announce that we are further investing in you,” Masrani said. “We want to thank you for your tremendous efforts throughout a challenging period, support you as you manage transitions in your home and work lives in the coming months, and respond to a changing environment.”
Banks have tried to adjust to a job market that now favors employees by increasing minimum wage and offering more flexible working arrangements. Just last week, TD told its U.S. employees that it would return to offices next month on a voluntary basis while it figures out the nature of its hybrid working arrangement.
TD does not provide a breakdown of local employees, but as of January 31 it had 7,441 in New Jersey — many of which are situated at its Mount Laurel headquarters — 1,065 in Pennsylvania and 423 in Delaware. The bank has almost 26,000 U.S. employees in its Maine to Florida footprint and will gain almost 7,000 more when it closes its planned $13.4 billion acquisition of Memphis, Tennessee-based First Horizon Corp. The deal will move TD from No. 8 to No. 6 on the list of the largest U.S. banks and give it entry into Tennessee, Georgia, Alabama, Louisiana, Texas, Arkansas and Mississippi and expand its presence in Virginia, the Carolinas and Florida.
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