Feeling gouged by your bank? Help stop it!
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- Published on Sunday, 29 November -0001 16:00
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Big 6 Banks gouge out $42 billion in profit in 2017
Help stop the gouging now!
Dear Friend,
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 7th year in a row of more than $42 billion in 2017!
That works out to almost $20 million in profit every hour banks are open – 13% higher than in 2016, and more than double... their profits in 2010.
The big banks also paid their CEOs $10 million each on average in 2016, and gave all their executives a total of $11.3 billion in bonuses (11% higher than in 2016, and 70% higher than in 2008).
Yes, you read that right -- $11.3 BILLION in bonuses. See the details in this Bloomberg article and this Financial Post article.
Canada’s Big 6 Banks reaped these record profits in 2017 in part by firing thousands of people, cutting services, and hiking fees and credit card interest rates. See some details about big bank fee hikes in this CBC.ca article and about the gouging in this CBC.ca article, and about the pressure the banks put on staff to gouge you in this CBC.ca video.
Canada’s big banks make among the highest percentage of profit 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. The federal government even gave the banks a record $114 billion bailout in 2008-2009 (most of it by having CMHC purchase mortgages from the banks), and the federal government will likely bail out the banks again if they have any financial difficulties.
The federal government is reviewing the banking law right now – 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 Democracy Watch’s Bank Accountability Campaign in this HuffingtonPost.ca article – hope you can help stop the gouging!
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