It's always been like that, AFAIK. No compensation for lost holidays, ever. 
In fact, it was only when I started hanging out with brokies on the forums that I found out that other contries (at least some other countries) get Monday off instead of a lost holiday.
In my job, we may get the Monday, or we'll be given a "floating day".
Next year Christmas is on Friday, so we'll get out early Thursday, be off Friday, Saturday and Sunday.
When Christmas falls on Saturday, the branches will be closed. Back office locations (like mine) will be given a floating day, meaning an extra day off during the year to use whenever we want.
When Christmas falls on Sunday, the bank will either give everyone a floating day, or we'll be closed Monday, whichever the company decides to do.