Toronto-Dominion Bank CEO Bharat Masrani paid $9.38 million in first year as top executive

Toronto-Dominion Bank paid Bharat Masrani $9.38 million for fiscal 2015, his first year as chief executive officer of Canada’s largest lender.

Masrani, 59, received $1 million in salary, $4.22 million in share-based awards and $2.08 million of option awards as well as $1.7 million in incentive pay and $383,692 in other compensation, the Toronto-based bank said Tuesday inside a regulatory filing. Masrani became CEO on Nov. 1, 2014, after Ed Clark retired.

Masrani got $8.55 million – or $7.59 million following a pension adjustment – in the last fiscal year, as he was chief operating officer, according to the filing.

Toronto-Dominion paid its investment-banking head Bob Dorrance $7.81 million for this past year, down 2.9 percent from fiscal 2014, based on the filing. Mike Pedersen, group head of U.S. personal and commercial banking, received about $7.33 million, a 15 percent boost. The amounts exclude pension values.

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Cost management has been top of mind for Canada’s big banks amid concerns about slowing loan growth, weak oil prices and low interest.

Last October, TD confirmed reports it was eliminating jobs after a review, but it declined to state the number of.

There have been reports from various media sources that hundreds of employees were let go.

The bank is scheduled to release its first-quarter results Thursday.

Bloomberg News, with files in the Canadian Press