Chief executives of Canada’s five big banks are receiving lower compensation packages according to analysis from McDowall Associates. The consultancy firm found that base salaries, share options, retirement packages and other elements of compensation packages have already been reduced at four of the banks with a change of CEO providing a chance to make the change. Scotiabank, CIBC and TD are all paying a third less than before; RBC has cut 13 per cent; but BMO has not changed its CEO and has therefore not made a cut. The packages range from $7.5 million to $10.5 million.
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