* CEO pay rises 19 pct to C$10.4 mln
* Capital markets get top pay at RBC
TORONTO Feb 9 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.
(Reporting by Andrea Hopkins; editing by Peter Galloway)