Canada Bank CEO Earnings: Louis Vachon, National Bank Head, Costs The Most Per Dollar Earned

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CANADA BANK CEOS EARNINGS 2011 LOUIS VACHON NATION
Louis Vachon takes home the least total pay of Canada's six major banks, but in terms of bank profits, he is by far the highest earner. (THE CANADIAN PRESS/Graham Hughes) | CP

Louis Vachon may be the head of Canada's smallest major bank, but he takes home the most pay relative to what the banks earn.

Bloomberg News noted the discrepancy in a story Thursday, reporting that Vachon, CEO of the National Bank of Canada, earned $7.5 million in 2011. That's less, in absolute terms, than what the CEOs of the other major banks earned, but in terms of bank profits, Vachon takes home the most.

National Bank earned $1.2 billion in net income in 2011, or $162.27 in profit for every dollar paid to Vachon. Every other bank CEO earns many times that, in terms of profits.

The other banks got much more bang for their buck from their CEOs, with RBC earning $480.40 for every dollar it paid its CEO, and TD earning $517.45 for every dollar it paid its CEO, according to Bloomberg's calculations.

TD's Ed Clark earned the most overall of all bank CEOs last year -- $11.5 million -- but because the bank's huge net income of $5.67 billion last year, Clark was still the best bargain, dollar for dollar, among bank CEOs.

According to HuffPost's calculations, CIBC's Gerry McCaughey brought in $326.32 for every dollar he earned (on $3.1 billion in earnings), and Scotiabank's Rick Waugh brought in $501.71 (on $5.3 billion in profit).

Check out the slideshow below to see what the CEOs of Canada's six major banks earned, and what they brought in for every dollar they took home in pay.

What Canadian Bank CEOs Earned In 2010
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