Royal Bank of Canada CEO Gordon Nixon was paid more than his counterparts at JPMorgan Chase, Bank of America and Citigroup as record earnings last year helped most Canadian bank CEOs narrow the pay gap with the U.S.
Bank of America CEO Brian T. Moynihan, 53, was awarded $12m, while Jamie Dimon, 57, at JPMorgan saw his pay halved to $11.5m. Citigroup paid its new CEO, 52-year-old Michael Corbat, $11.5m.
'It’s probably one of the first examples ever of a Canadian bank CEO being abreast of a mighty U.S. bank', said Michael Smedley, who helps manage C$1bn at Morgan Meighen& Associates in Toronto. 'There seems to be some justification for seeing a parallel'.
Canadian bank CEO pay is moving closer to U.S. rivals - and in some cases surpassing them - after the world’s soundest banks withstood the global financial crisis and several posted record earnings in 2012.
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