Bank CEO picks up 44 per cent raise

Bank CEO picks up 44 per cent raise

Bank CEO picks up 44 per cent raise Yesterday we told you how one major bank CEO’s package had risen to $10.2 million: and today we can reveal more eye-catching figures from another significant lender.

This time into the spotlight comes David McKay, CEO at the Royal Bank of Canada, which is currently Canada’s biggest lender in terms of assets. During the fiscal year 2015, he managed to scoop a 44 per cent raise compared to the prior year – taking home a cool $10.9 million.

So how does that break down?

According to Bloomberg, the 52-year-old picked up a salary of $1.3 million. This was accompanied by $1.45 million in stock options, $5.8 million in share-focused awards, a further $2.33 million as incentive pay and a neat $38,893 for other compensation.

The figures were revealed as part of a regulatory filing on Wednesday and do not include pension values. They represent an increase from $7.56 million during the previous fiscal year.

McKay’s figures have been driven by record profits for Royal Bank – it enjoyed an 11 per cent increase during the last fiscal year with profit leaping to $10 billion. McKay is said to be largely responsible for the bank’s expansion into both commercial and private banking in the USA thanks to its purchase of City National Corp., based in Los Angeles.