BMO, CIBC and Scotiabank executives missed bonus targets in rocky 2023

The top executives at three of Canada’s biggest banks took home less than their target pay last year, according to new filings.

The fiscal year was marked by rising interest rates, the US regional bank crisis, geopolitical uncertainty and increasing regulatory pressures. Those challenges influenced executive pay at the four largest lenders that have disclosed annual compensation so far — Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.

Of the four chief executive officers, only Royal Bank’s Dave McKay took home more than his target compensation in fiscal 2023. Here’s how compensation played out at those banks. 

Bank of Montreal’s Darryl White