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Bank Chiefs See Pay Surge Amid Strategy Shifts
12 Mar
Summary
- CEOs of major Canadian banks saw significant compensation increases.
- Scotiabank CEO's pay rose 28% to C$13.2 million in 2025.
- RBC CEO received C$23.76 million, BMO CEO C$17 million in 2025.
In 2025, the chief executives of major Canadian banks received considerable compensation increases. Scott Thomson, CEO of Bank of Nova Scotia, saw his overall pay rise to C$13.2 million, a 28% jump from the previous year. This increase was attributed to his leadership in executing a strategy focused on North American growth and reducing investment in lower-return areas.
Other prominent bank leaders also benefited from increased earnings. Darryl White, CEO of Bank of Montreal, earned C$17 million, a 55% rise. Meanwhile, Dave McKay, CEO of Royal Bank of Canada, received C$23.76 million. These figures reflect a trend of rising executive compensation across the Canadian banking sector.
Despite these pay increases for top executives, some banks, like Scotiabank, have been implementing cost-reduction measures, including job cuts, to improve operating results. The bank recorded a C$373 million charge in its fiscal fourth quarter tied to these reductions, with expectations for accelerated earnings growth.
