RBC paid Dave McKay—who has served as CEO since 2014—$22 million in total direct compensation in 2025, about 30 per cent above target and 10 per cent lower than in 2024, while National Bank raised CEO Laurent Ferreira’s pay package to about $12.6 million, a 10.7 per cent increase from the previous year, according to regulatory filings. (The Logic)

Talking point: The increases followed a solid year for both banks. RBC reported earnings of $20.4 billion in 2025, up 25 per cent year over year, while National Bank pointed to its performance and the integration of Canadian Western Bank as one of the factors behind Ferreira’s increased compensation. RBC said McKay’s pay reflects his leadership during a year marked by major shifts in global trade and geopolitics, with 91 per cent of his compensation tied to performance-based incentives. Neither RBC nor National Bank publicly disclose CEO-to-employee pay ratios, even after RBC shareholders called for “greater transparency in public reports.”

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