Canada’s Big Six Banks Gouge Out $45 Billion in Profits in 2018

Help stop the gouging now!

A report from the Canadian public interest group, Democracy Watch

Posted February 18th, 2019 on Niagara At Large

Feeling gouged by your bank right now?

You have a right to – while businesses in many sectors across Canada were suffering, Canada’s Big 6 Banks gouged out record annual profits for the 8th year in a row of $45 billion in 2018!

That works out to more than $22 million in profit every hour banks are open – 6% higher than in 2017, and more than double their profits in 2010.

The big banks also paid their CEOs $10 million each on average in 2018, and gave all their executives a total of $15.2 billion in bonuses (6% higher than in 2017, and 75% higher than in 2008).

Yes, you read that right — $15.2 BILLION in bonuses. See the details in this Toronto Star article.

Canada’s Big 6 Banks reaped these record profits in 2018 in part by firing thousands of people, cutting services, and hiking fees and credit card interest rates.

Canada’s big banks make among the highest level of profits of any banks in the world while doing far too little to support job-creating businesses and community development across Canada.

But still the federal government continues to fail to require the banks serve everyone well at fair prices, and to require responsible lending and investing.

Please click here to send your letter now calling for key changes to make Canada’s Big Banks serve everyone fairly and well at fair prices, and to lend and invest in sustainable, responsible job-creating businesses and support community development.

Your time to be heard and counted is now!

Thank you for your support,
Duff, Josephine, David and everyone at Democracy Watch

P.S. Please click here to help keep this campaign keep going until we win key changes to stop big bank gouging and unfairness! Even $5 will help us win.

P.P.S. See more details about the Big Bank’s $45 billion in 2018 profits in Democracy Watch’s news releasehope you can help stop the gouging!

NIAGARA AT LARGE encourages you to join the conversation by sharing your views on this post in the space following the Bernie Sanders quote below.

A reminder that we only post comments by individuals who also share their first and last names.

For more news and commentary from Niagara At Large – an independent, alternative voice for our greater bi-national Niagara region – become a regular visitor and subscriber to NAL at www.niagaraatlarge.com .

 “A politician thinks of the next election. A leader thinks of the next generation.” – Bernie Sanders

 

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