Canada's six bank-owned dealers just turned in stellar results, collectively posting profits of $7.8-billion for fiscal 2016, a 5-per-cent increase over the previous year, on the back of strong takeover activity and a surge in equity financings from utilities and energy companies.
Bonus pay did not keep pace. Variable compensation paid out by the six big banks totalled $12.8-billion, up 2 per cent from $12.5-billion last year, according to data from Bloomberg. That was the skinniest increase in payouts seen in the past six years. Individual bankers will sit down with their bosses this week and next to find out how big their slice of the bonus pie will be. Some will be disappointed. Story
BMO earnings bolstered by higher M&A advisory fees
For Bank of Montreal, it pays to advise on deals that don't always make the front pages.
In the fourth quarter, underwriting and advisory revenue at BMO jumped to $279-million from $146-million during the same period last year and $198-million in the prior period.
The lion's share of the increase was not from debt or equity underwriting, but from advising on transactions in the U.S. that involve mid-sized companies. Story
DAILY DEALS
Microsoft Corp. won European Union antitrust approval on Tuesday for its $26-billion (U.S.) bid for professional social network LinkedIn Corp., its largest ever acquisition, after agreeing to a series of modest concessions. Story
IN CASE YOU MISSED IT
Tim Kiladze on Industrial Alliance's purchase of HollisWealth from Scotiabank. Story
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