TD Gives Workers Perk for Pandemic Resilience: Part of the Bank

(Bloomberg) -- Toronto-Dominion Bank is thanking employees for their pandemic-era resilience with a new reward: a piece of the company.

“In recognition of your extraordinary efforts,” Chief Executive Officer Bharat Masrani wrote in a memo to staffers Wednesday, “I am pleased to share that all full and part-time non-executive employees in Canada, the U.S. and the United Kingdom will soon receive a one-time gift of five TD shares.”

The bonus gives Toronto-Dominion staffers “the opportunity to become owners and participate in the longer-term performance of the bank,” Masrani said in the memo. The reward, based on Wednesday’s closing price, is worth about C$449 ($363). 

A year ago, the Toronto-based lender gave 90,000 full- and part-time employees $500 cash bonuses to recognize their efforts during the Covid-19 crisis. With the latest reward, workers outside Canada, the U.S. and the U.K. will receive a one-time cash award instead of shares, according to the memo.

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