How much Big Six wealth management execs made in 2023

Last year’s total compensation for Big Six executives responsible for wealth management has been released.

Among Canada’s largest banks, CIBC, National Bank of Canada and Royal 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 $6.30 million to $7.56 million.

CIBC: Jon Hountalas

Hountalas became senior executive vice-president and group head of Canadian banking at CIBC in January 2023. His responsibilities include wealth management, commercial banking and personal and business banking in Canada. His total compensation last year was $5.1 million.

From 2017 to 2022, Hountalas was senior executive vice-president and group head of commercial banking and wealth management. He was not a named executive officer in 2021 and 2022.

Hountalas’s 2023 performance highlights included:

• Launched CIBC Investment Platform, which the bank said improved client onboarding, client reporting, and advisors’ portfolio management capabilities.
• Launched new customer relationship management tools, the CIBC GoalPlanner platform within CIBC Wood Gundy and contributed to positive fund flows.

National Bank: Denis Girouard

Girouard was National Bank’s executive vice-president of wealth management from Apr. 1 to Oct. 31, 2023, succeeded by Nancy Paquet. His total compensation was $6.3 million last year.

Prior to Girouard leading wealth management, he was the executive vice-president and co-head of financial markets, a role he shared with Étienne Dubuc.

Giouard’s predecessor, Martin Gagnon, was the wealth management head from 2016 to 2023. He earned a total compensation of $5.4 million in 2021 and $4.4 million in 2022.

The bank’s circular said its wealth management division “delivered superior performance in 2023 amid market volatility.”

RBC: Douglas Guzman

Guzman has been RBC’s group head of wealth management and insurance since 2015. His total compensation was $7.6 million in 2023, up from $7.5 million in 2022 but down from $8 million in 2021.

Per the bank, Guzman’s 2023 performance highlights included:

• Maintained the largest market share in Canadian mutual funds.
• Maintained the largest market share in Canadian ETFs.
• Launched two portfolios in the U.S. market from an internally constructed ESG framework, and supported advisors through ESG-related training.