Bank Chiefs See Pay Surge Amid Strategy Shifts

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.