Darryl White was paid $17 million in total compensation for 2025, a 55 per cent increase from a year earlier, according to regulatory filings. (The Logic)

Talking point: It marks a sharp turnaround from 2024, when White’s compensation fell 12.5 per cent after BMO missed financial targets and set aside more money for potential bad loans. The bank said White’s compensation for last year reflects his leadership in building BMO into a “leading North American bank,” citing the integration of the Bank of the West acquisition, the exit from lower-returning businesses and the bank’s 43.3 per cent one-year total shareholder return. The bank is also targeting a 15 per cent return on equity by the end of 2027. BMO—like RBC and National Bank—did not disclose its CEO-to-employee pay ratios in its proxy, despite shareholder calls for greater transparency around median employee salary growth. Scotiabank and TD disclosed their ratios this week.