February 28, 2011 / 5:47 PM / 7 years ago

Bank of Montreal CEO pay jumps 28 percent to C$9.5 million

TORONTO (Reuters) - Bank of Montreal Chief Executive Bill Downe earned C$9.5 million ($9.8 million) in the bank’s fiscal 2010, a 28 percent raise from the previous year, as BMO’s profit rose and it made acquisitions in the wake of the financial crisis.

<p>Bank of Montreal (BMO) Financial Group President and Chief Executive Officer Bill Downe addresses shareholders at the annual general meeting in Winnipeg, Manitoba March 23, 2010. REUTERS/Fred Greenslade</p>

Downe earned a base salary of C$1.0 million last year, which actually was a decrease from his base salary of C$1.2 million in 2009, according to a regulatory filing.

But his cash bonus jumped 80 percent to C$2.9 million, and his stock-based compensation increased 20 percent to C$5.7 million.

Profit at BMO, Canada’s No. 4 bank, rose 57 percent to C$2.8 billion in 2010, up from C$1.8 billion in 2009, when the bank was stung by credit losses.

Toronto-Dominion Bank CEO Ed Clark’s pay rose 8 percent to C$11.3 million last year, while Royal Bank of Canada CEO Gordon Nixon earned C$11 million, up 5.8 percent from the previous year.

RBC and TD are Canada’s largest banks.

Since emerging from the crisis, BMO has begun making acquisitions as it seeks to increase its U.S. business. In December, it launched a $4.1 billion takeover bid for Wisconsin lender Marshall & Ilsley Corp.

The bank reports first-quarter 2011 results on Tuesday.

($1=$0.97 Canadian)

Reporting by Cameron French; editing by Peter Galloway

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