Ever wondered what the top brass at a leading bank takes home each year? Wonder no more.
New figures have been released showing the sizeable compensation package picked up by the Bank of Montreal’s chief executive officer William Downe, 63, during the last fiscal year. For the year ending October 31 he collected $10.2 million – an increase of 2.1 per cent compared to the prior period.
So how does that break down? From the $10.2 million, $8.27 million came in the form of various incentives such as stock options and shares. In addition, he picked up $1.88 million as a basic salary, while a further $16,625 was offered in the form of other compensation. Totals are said to exclude pension values.
The statistics were released as part of the Toronto-based lender’s regulatory filing. The increase in Downe’s money – up from $9.96 million in fiscal 2014 – is said to reflect the fact that the company enjoyed a record annual profit during the year. Within a total annual profit of $4.41 billion it surpassed a goal to earn $1 billion from its wealth management and banking arm in the USA, four years after Downe had established the target.
According to a statement from the firm as part of the filing, Downe is “the most experienced CEO among the Canadian banks, and BMO’s performance in 2015 was good, surpassing the record highs of 2014. These strong results are a reflection of a well-executed growth strategy.”