TORONTO – Promotions meant big pay raises last year for the men taking the helm at three of Canada’s biggest banks.
In his first full year as president and CEO of Royal Bank (TSX:RY), David McKay saw his total direct compensation jump 44 per cent to $10.9 million.
That compared with the $7.5 million McKay earned in 2014 when he spent most of the year as group head of personal and commercial banking, according to a regulatory filing released on Wednesday.
Total direct compensation does not include the value of a CEO’s pension, as well as the employer’s contribution to share ownership plans.
Victor Dodig, who took on the top job at CIBC (TSX:CM) in September 2014, saw his total direct compensation shoot up 72 per cent to $8.2 million last year. He had been group head of wealth management at CIBC before taking over the top job.
Meanwhile, TD Bank’s (TSX:TD) Bharat Masrani received $9 million in total direct compensation during his first full year in the top job — an increase of 10 per cent from the previous year. He had been TD Bank’s chief operating officer.
The chief executives of Scotiabank and the Bank of Montreal also got pay bumps last year, although the raises were more moderate than those awarded to newer bank CEOs.
Scotiabank’s (TSX:BNS) Brian Porter earned $9.3 million in total direct compensation last year, up nearly five per cent from $8.9 million in 2014, according to a regulatory filing published Wednesday.
Porter became the bank’s president and CEO on Nov. 1, 2013.
Meanwhile, BMO’s William Downe received $10.2 million in total direct compensation last year. That’s up more than two per cent from a year ago, when he made $9.9 million, according to documents released on Tuesday.
Downe has been in his current role at the bank (TSX:BMO) since 2007.
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