Canadian bank CEOs receive pay hikes

Article content

Four senior executives in the largest banks in Canada received more compensation in 2024, as they were rewarded for achieving financial goals in a year characterized by the uncertainty related to the United States elections and increasing rulings of credit losses, but the heads of the Toronto-Dimenon Bank and Montreal Bank saw that the packages were paid.

Article content

Article content

Dave McKay, CEO of Royal Bank of Canada, witnessed a total jump to $ 25.9 million last year, an increase of $ 16.1 million in 2023. The increase included the “Special stock award” that depends on performance of $ 4 million linked to the bank RBC program.

Article content

The bank said: “Macai led the bank by acquiring once in the generation on HSBC Canada, which strengthens the current Canadian companies in RBC,” the bank said.

The award can be reached in December 2027 and is conditional on the progress made in relation to the continuous RBC integration of HSBC.

With the exception of the award, the total MCKAY salaries was $ 20.5 million, which is still much higher than it was paid a year ago. This reflects aspects such as the standard profits of banks and “his extraordinary efforts to create a long -term value for RBC customers, employees, societies … and shareholders,” said RBC.

While the head of the largest bank in Canada received the largest wage increase among the senior executives, the head of the second largest lender, TD Bank, witnessed a greater decrease due to the lender issues in money laundering in TD growth in the United States in the United States, and the bank was also allocated 3.1 billion dollars by American organizers.

Mazrani's former CEO of Mazrani did not receive a cash incentive or royal rights in the fiscal year 2024, which reduced his total compensation by 89 percent of 2023. The remaining members of the TD executive team witnessed their changing compensation by at least 25 percent in 2024.

Article content

Article content

Nevertheless, the bank agreed to grant a policeman worth $ 2 million to its American banking president, Liu Salom, given the “decisive role” that it will play in dealing with the bank's control program (AML). The bank said in the agent statement in the agent statement, “It can receive the award in 2025,” taking into account the high conditions and landmarks in AML. “

Darryl White, CEO of BMO, witnessed a decrease in his salaries for the third year in a row, with a total compensation of $ 10.9 million in the past year compared to $ 12.5 million in 2023 and 14.2 million dollars in 2022. BMO had a difficult year as it reported its credit credit rulings.

The bank's PCLS rose to $ 1.5 billion in the fourth quarter of last year from 627 million dollars in the first quarter, as consumers have struggled to pay loans in a highly interesting environment. The situation seems to have begun to improve, with the PCL deployment of relatively less $ 1.01 billion in the first quarter of 2025.

Victor Dodig, President of the Canadian Empire Trade Bank, witnessed an increase in his total salaries to $ 13.6 million last year-in second place among senior executives of the six-$ 11.2 million in 2023.

Article content

CIBC said in the agent statement: “Through the Dodge leadership and its continuous implementation of the bank's focusing strategy, CIBC provided to all stakeholders in 2024,” CIBC said in the agent statement. “This included strong financial performance … record revenue and net income, with a positive business lever (based on modification) for the second year in a row.”

With a total wage of $ 12.07 million in 2024, the National Bank of Canada Laurent Ferreira was 30 percent, a 30 percent over his salary in 2023.

The bank, which has completed the acquisition of the Canadian Western Bank in February, said that Ferrera “skillfully overseeing the implementation of the strategy that guarantees the discrimination between the bank in the market. It stimulates its positive and attractive leadership the difference to pursuing the bank's growth.”

The total salaries of the bank Scottia Scott Tumson increased to $ 10.3 million in the past year, from 9.4 million dollars in 2023. Under its leadership, the bank said it was “a success in the work necessary to implement” its vision and a profitable growth.

Article content

The bank said in the agent statement: “It has been confirmed that we are disciplined in how and the place to allocate capital, and invest in the areas that will lead to growth for the bank, with improving the current capital in those markets that have witnessed less returns.”

• Email: nkarim@postmedia.com

Put a reference signal on our website and support our journalist: Don't miss the business that you need to know – add Financialpost.com to your reference signals and subscribe to newsletters here.

Article content