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.
<strong>Profit per dollar earned by the CEO: $162.27</strong> National Bank's Louis Vachon took home $7.5 million, the lowest total of any of the six major banks, but the most in terms of the bank's net income.
<strong>Profit per dollar earned by the CEO: $326.32</strong> Gerry McCaughey's total compensation grew 12 per cent, to $9.5 million, in 2011. Source: <a href="https://www.cibc.com/ca/pdf/investor/proxy2012.pdf" target="_hplink">CIBC Management Proxy Circular</a>
<strong>Profit per dollar earned by the CEO: $330.81</strong> Bill Downe's total compensation for 2011 was up 4.2 per cent from his 2010 pay of $9.5 million. Source: <a href="http://ca.reuters.com/article/businessNews/idCATRE81Q1W320120227" target="_hplink">Reuters</a>
<strong>Profit per dollar earned by the CEO: $480.40</strong> Gordon Nixon's total compensation fell 8 per cent in 2011, to $11 million. Source: <a href="http://www.rbc.com/newsroom/2012/0206-proxy.html" target="_hplink">RBC Management Proxy Circular</a>
<strong>Profit per dollar earned by the CEO: $501.71</strong> Waugh's total earnings for 2011, at $10.6 million, were down slightly from the $10.66 million he earned in 2010. Source: <a href="http://www.thestar.com/business/article/1137400--scotiabank-ceo-s-pay-down-slightly-from-2010" target="_hplink">Toronto Star</a>
<strong>Profit per dollar earned by the CEO: $517.45</strong> Ed Clark's total compensation for 2011 was meant to be around $12 million, but the bank's board scaled it back to $11.3 million -- roughly the same as in 2010. Source: <a href="http://www.thestar.com/business/article/1135817--td-bank-ceo-ed-clark-s-pay-down-to-11-3-million-in-2011" target="_hplink">Toronto Star</a>