BMO, Scotiabank CEOs get big pay hikes in 2010

Strong profits increased pay by as much as 28 per cent
By Cameron French
|Canadian Payroll Reporter|Last Updated: 03/01/2011

(Reuters) — The chief executives of Bank of Montreal and Bank of Nova Scotia got pay raises of 28 per cent and 9 per cent, respectively, in 2010, as the banks emerged from the financial crisis with strong profits.

BMO CEO Bill Downe earned $9.5 million in the bank's fiscal 2010, up from $7.5 million the previous year, while Scotiabank's Rick Waugh was paid $10.7 million, up from $9.8 million, according to regulatory filings.

The bank's are Canada's No. 4 and No. 3 lenders, respectively.

Profit at BMO rose 57 per cent to $2.8 billion in 2010, while Scotiabank's net profit climbed 19.5 per cent to $4.2 billion.

All of Canada's six biggest banks emerged from the financial crisis in relatively strong shape, with none receiving a government bailout.

Following the crisis, BMO has begun making acquisitions as it seeks to increase its U.S. business. In December, it launched a US $4.1 billion takeover bid for Wisconsin lender Marshall & Ilsley Corp.

Scotiabank has been making small acquisitions to bolster its presence in Latin America and Asia, and the bank is in the process of closing its $2.3 billion acquisition of wealth manager DundeeWealth.

Royal Bank of Canada and Toronto-Dominion Bank, the country's top two banks, unveiled their CEO pay packages earlier in the month, with both CEOs getting modest raises.

TD's Ed Clark got an 8 per cent increase to $11.3 million in 2010, while RBC CEO Gordon Nixon earned $11 million, up 5.8 per cent from the previous year.

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