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RBC CEO Gets Pay Raise Dwarfed by U.S. Banking Heads

RBC CEO Gordon Nixon
Royal Bank of Canada Chief Executive Officer Gordon Nixon. Photographer: Norm Betts/Bloomberg

Royal Bank of Canada Chief Executive Officer Gordon Nixon’s 2013 total compensation increased less than 1 percent from a year earlier as the country’s second-largest lender extended its streak of record annual profit.

Nixon, 57, received C$12.7 million ($11.4 million) including a C$1.5 million salary, C$6.6 million of performance deferred share units, C$1.65 million of stock options, an incentive award of C$2.93 million and C$44,877 of other compensation, Toronto-based Royal Bank said today in a regulatory filing. That compared with C$12.6 million a year earlier, when he received a 25 percent increase, the biggest since 2006. The amounts exclude pensions.

Nixon’s compensation trailed that of some U.S. bank CEOs including JPMorgan Chase & Co.’s Jamie Dimon, 57, who received a 74 percent increase to $20 million even as profit declined from the previous year and the New York-based lender paid more than $23 billion to settle criminal and regulatory probes. Royal Bank earned a record net income of C$8.43 billion for the year ended Oct. 31, up 12 percent from a year earlier, which was also a record.

“The board believes the compensation awarded to Mr. Nixon for 2013 appropriately reflects his leadership in driving RBC’s strong performance,” Chairwoman Kathleen Taylor said in the filing. Nixon exceeded his goals for the year, the bank said.

Blankfein’s Raise

Doug McGregor, 57, and Mark Standish, 52, co-heads of Royal Bank’s capital markets unit, received a 5.4 percent raise to about C$11 million and a 10 percent increase to C$11.4 million, respectively, according to the filing. Standish is paid in U.S. dollars, according to the filing.

David McKay, 50, group head of personal and commercial banking who is set to become CEO in August when Nixon retires, got a 4.5 percent increase to C$5.37 million, according to the filing.

Nixon, who has headed Royal Bank since 2001, was Canada’s highest-paid bank CEO in 2012 and earned more than his counterparts at JPMorgan, Bank of America Corp. and Citigroup Inc. for that year.

Goldman Sachs Group Inc. CEO Lloyd C. Blankfein, 59, who was the highest paid head of a U.S. bank for 2012, got an 11 percent larger bonus for his work last year, according to a regulatory filing yesterday, bringing his total compensation to about $21 million.

Royal Bank slipped 0.8 percent to C$68.91 at 12:41 p.m. in Toronto.

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