Total 2025 compensation for Big Six executives responsible for wealth management has been released.
Among Canada’s largest banks, Canadian Imperial Bank of Commerce, Royal Bank of Canada and National Bank of Canada had executives with direct wealth management responsibilities among their highest-paid employees, also known as named executive officers.
Total compensation for those executives ranged from $4 million to $12.3 million.
BMO, Scotiabank and TD Bank did not have named executive officers with direct wealth management responsibilities in 2025.
Harry Culham, CIBC
Harry Culham became CIBC’s chief operating officer in April 2025. His responsibilities include leading the bank’s Canadian private wealth management division and CIBC Capital Markets, among other areas. Culham’s total direct compensation was $12.3 million in 2025, up from $10.1 million in 2024.
For the first five months of 2025, Culham was the senior executive vice-president and group head of capital markets and direct financial services.
According to the bank, Culham’s 2025 performance highlights included:
- Delivering strong performance for capital markets
- Increasing bank revenue by 14% with growth from all business units
Neil McLaughlin, RBC
Neil McLaughlin has been RBC’s group head of wealth management and insurance since 2024. His total direct compensation was $6.6 million in 2025, down from $8 million in 2024. His target compensation for 2025 was $5.5 million.
McLaughlin was previously group head of personal and commercial banking for seven years before taking over his current post from Douglas Guzman.
Per the bank, McLaughlin’s 2025 performance highlights included:
- Maintaining the largest market share in Canadian mutual funds
- Launching commission-free ETF trading to increase value for early-stage investors, along with a new program to provide support for high-net-worth clients
Nancy Paquet, NBC
Nancy Paquet, National Bank of Canada’s executive vice-president of wealth management, received $4 million in total direct compensation in 2025. She was not a named executive officer in 2024.
Paquet succeeded Denis Giouard in 2023. Giouard’s total direct compensation was $6.3 million in 2023.
In addition to leading the bank’s wealth management business, Paquet is responsible for the bank’s investment distribution network and insurance activities, as of this January. She joined the bank in 2007 and was previously its senior vice-president of personal banking.
National Bank changed Paquet’s variable compensation in 2025, so the cash component decreased to 30% from 40% and the deferred component increased to 70% from 60%.
The bank’s circular said its wealth management division had “strong financial performance and an expanded national service offering.”
Source link
