Bank of Montreal Chief Executive Officer Darryl White and other executives saw their pay fall in 2024 as the bank dealt with elevated loan losses throughout the year.
White received $8.5 million (US$5.9 million) in variable pay, which was 80 per cent of his targeted amount, as well as a $1.1 million base salary.
The CEO’s total pay, including pension, was slightly less than $11 million — the third straight year it has declined. The bank attributed the miss to “a challenging banking and economic backdrop” and inadequate performance against financial goals, according to its proxy circular filed Thursday.
White’s total compensation was 12.5 per cent lower than in the prior year. BMO said White delivered “solid performance,” including on managing expenses related to the integration of Bank of the West, which the Canadian bank acquired in 2023.
All of BMO’s named executive officers — its chief financial officer, head of capital markets, head of North American banking and chief technology officer — saw their pay decrease last year, with variable pay for all of them coming in at 80 per cent of target.
In every quarter last year, the Canadian bank set aside larger-than-expected provisions for bad loans and missed its earnings estimates. Executives said the fiscal fourth quarter was the peak of loan provisions and that credit worries are contained.
With assistance from Christine Dobby.
Melissa Shin, Bloomberg News
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