Scotiabank CEO Scott Thomson earned about $12.58 million in total direct compensation in 2025, roughly 90 times the bank’s average employee pay, according to regulatory filings. At TD, CEO Raymond Chun’s $14.6 million pay package amounted to about 82 times the average full-time employee’s compensation. (The Logic)

Talking point: Unlike in the U.S. or the U.K., Canadian lenders aren’t legally required to report pay ratios, so these voluntary disclosures reflect a push for greater transparency. Thomson’s compensation package, up 29 per cent from the year before, reflects progress on the bank’s North American strategy, according to Scotiabank. Meanwhile, TD said Chun’s pay last year—240 per cent higher than the $4.3 million he earned in 2024 as head of Canadian personal banking—reflects his leadership during a year focused on strategy changes and an “intense focus on [anti-money-laundering] remediation.” Former TD CEO Bharat Masrani received $3.6 million last year, including $3 million for advising on the same remediation—up sharply from $1.6 million in 2024, when his variable compensation was minimal after the bank agreed to pay nearly US$3.1 billion in U.S. fines.