ELITE PAYDAY: CEOs Of Canada’s Big Five Banks Made Over $66 Million In 2017

And almost all of them got raises.

The economy may be tough for most Canadians – with slowing growth, rising debt, and wage growth that often don’t line up with inflation, not to mention the rising burden of taxes and excessive regulations.

However, there’s one group it’s going great for:


The CEOs of Canada’s big five banks made a combined $66.92 million last year.

As if that wasn’t enough, almost all of them got raises.

According to data compiled by BNN, here’s how the big bankers did in 2017:

Dave McKay, CEO, RBC: $13.36 million, nine per cent raise year-over-year

Brian Porter, CEO, Bank of Nova Scotia: $12.84 million, nine per cent raise year-over-year

Bharat Masrani, CEO, TD Bank: $12.44 million, 20 per cent raise year-over-year

Bill Downe, Former CEO, BMO: $10.53 million, one per cent pay cut year-over-year (retired)

Darryl White, CEO, BMO: $8.31 million, two per cent raise year-over-year

Victor Dodig, CEO, CIBC: $9.44 million, three per cent raise year-over-year

Most Canadians would love to get raises of 9%, 20%, or even 3%, yet that hasn’t been happening for most of our citizens.

Instead, many people are finding it nearly impossible to keep up with the rising cost of living, leading many people further into debt in an effort to keep their heads above water.

As we continue to see, Canada really has two separate economies. An economy where the elites are doing great, and a far tougher economy for the rest of us.

Spencer Fernando

10 comments Add yours
    1. I would like to reply. How does one reply??? Is there any meaningful way that would be noticed and effective?

  1. This is becoming more and more troubling, the bank of Canada raises their rate by 1/2 % and the Banks are raising their lending rates by 5%, and the leaders of these banks are getting raises that are crazy. I get a cost of living raise of 1.2% and these fatheads are getting 9% The raises these men are receiving are more than my entire income. Atrocious! I sure hope they are contributing a million or two a year to charities, although I suspect they would get a good chuckle reading this and are spilling their Glenfidich 18yr. old scotch or McCallan Sienna. I hope the greedy bastards choke on it!

  2. Hey … if I could find a way to legally borrow $1 at 1% interest, then lend that same dollar to 10 of my friends (at the same time) at 5% interest, I bet I could earn a big salary too … !!!

  3. The CEO’s get the big money because the banks they run make a good profit,period.
    Instead of envying the bank CEO’s we should ask ourselves why we didn’t go into finance,get our degrees,and work our way up the ladder to the top job in the banking industry.
    We live in a capitalist system,and most of us, thank allah, wouldn’t want to live under any other system.
    How would some commenters here like to live in a system where the top pay scale goes to members of the politburo, as in the glorious USSR and China, who made their way to the top through political machinations at the expense of the proletariat,living in expensive dachas while the peasants starved?
    No thanks,I’ll take what we have,complete with bankers earning fat salaries over the alternative any day.

    This article makes a joke out of the oft repeated (by the media and political Parties) statement that we have to make the compensation for political office better so we can attract “the best and brightest”. Politics attracts the people who aren’t quite good enough to become the CEO of any major corporation, in most cases not even to a mid level management position at one of those banks, and are far from “the best and brightest”.

    The fact that a bank CEO makes $12 million and our esteemed Prime Minister makes about $350,000 is just about right in my estimation, because the current incumbent in the PM’s Office couldn’t do the job of a teller at one of those banks.

  4. And all my bank employee friends were complaining about Premier Wynn raising the minimum wages by a buck or so, because it would raise the price of a cup of coffee. Kind of takes you back 16th century France when Queen Marie Antoinette was alerted that the peasants didn’t have bread to eat, her response was “Let them eat cake”

  5. The figures to which the author refers includes all compensation. The people in question get rewarded when they successfully increase shareholder value, a very reasonable protocol. The numbers seem large, but they are less than the average Blue Jay is paid. The education, experience and competence, if not brilliance, of those who reach these positions accrues to a very few, hence the compensation. Shareholders have the opportunity each year to have their say on top executive remuneration. Unfailingly the compensation packages are overwhelmingly approved. There is no story here, but by attempting to build one the author seems to have successfully engendered the tired old envious responses from the less than successful.

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