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 $449 (US$363).
A year ago, the Toronto-based lender gave 90,000 full- and part-time employees US$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.