Covid-19 effects dragging down revenues, raising credit loss expectations
Top executives at other big banks also saw their compensation decline last year
Banks will allow customers to defer mortgage payments for up to six months
Special care will be given to branches in rural communities
The cut is the second in two weeks
The response came after sharp drops Thursday on North American stock markets
The cut took the main rate to a record-low 0.25%
Several financial institutions said they were changing trading operations as a precautionary measure
The outbreak is hurting the global economy — and oil prices in particular
David McKay’s total compensation was down compared to 2018, but higher than other banks’ chief executives