RBC CEO Nixon paid C$10.4 million in 2009

Tue Feb 9, 2010 3:49pm EST

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TORONTO Feb 9 (Reuters) - Royal Bank of Canada (RY.TO), Canada's largest bank, paid Chief Executive Gord Nixon C$10.4 million ($9.7 million) in 2009, up 19 percent from 2008 but below the pay of its top investment bankers.

Nixon, 53, was paid a salary of C$1.4 million as well as C$9 million in incentive awards, according to the bank's 2009 proxy circular, filed on Monday.

Nixon did not make as much as the bank's co-heads of capital markets, Doug McGregor and Mark Standish. McGregor was paid C$12.95 million, while Standish, who is based in New York and paid in U.S. dollars, received $12.95 million.

RBC's adjusted net income was up 7 percent to C$3.9 billion in fiscal 2009, which ended Oct. 31, but the results do not include a C$1 billion writedown on its U.S. banking business.

All of the big Canadian banks struggled with rising loan losses in 2009 and profitability was down from levels seen before the financial crisis, but the sector has generally outperformed global rivals. No Canadian bank accepted government bailout money and none went out of business.

Canada's No. 5 lender, Canadian Imperial Bank of Commerce (CM.TO), said last week it cut the pay of its chief executive, Gerry McCaughey, to C$6.24 million in 2009 from C$8.16 million in 2008, in part because the board was disappointed with the bank's exposure to structured credit.

($1=$1.07 Canadian) (Reporting by Andrea Hopkins; editing by Peter Galloway)

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