Bank of Nova Scotia

’s board gave chief executive Scott Thomson a raise, with his overall compensation increasing to $13.2 million last year as he exceeded his target bonus.

Canada’s fifth-largest bank by market value said the pay increase reflected Thomson’s role in executing a new strategy that’s focused on growth in North America and deploying less capital in lower-return businesses in Latin America. The Toronto-based lender’s stock price gained 31 per cent in 2025, slightly beating the S&P/TSX Composite Financials Sector Index.

Thomson’s base salary was $1.1 million in fiscal 2025 and he earned an $11.5 million bonus, most of it paid in shares and options. Pension and other benefits added to the total package, which was 28 per cent higher than the previous year.

Travis Machen, head of global banking and markets, made $12.4 million, a 1.2 per cent decrease from 2024.

Scotiabank has been slashing expenses to improve its operating results. The bank recorded a $373 million charge in the fiscal fourth quarter tied largely to job cuts, and Thomson has said earnings growth should accelerate this year.

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Other banks

Bank of Montreal reported Wednesday that CEO Darryl White made $17 million in 2025, a 55 per cent increase over his previous year’s total compensation after the bank beat earnings estimates in all of its quarters last year. It’s also an improvement after three straight years of pay decreases previously.

The compensation package was meant to reward White for “his strong performance and tenure as a transformational CEO,” the board said in the proxy circular.

Dave McKay, chief executive of the country’s largest lender,

Royal Bank of Canada

, received $23.76 million in total compensation in 2025, including a short-term bonus that was 86 per cent above his target.

Bloomberg.com