The Canadian Press

The chief executive of TD Bank (TSX:TD) took a 5% cut to his paycheque in 2009 as the banking industry endured a turbulent year.

The bank’s annual disclosure shows CEO Ed Clark earned $10.4 million in total direct compensation last year.

In that amount he received $8.9 million in bonus payments consisting of equity, options and incentives. His base salary remained steady at $1.5 million.

Clark’s payments were scaled back from $11 million in 2008, which included $1.3 million in non-equity incentives.

TD said the CEO’s pay was reduced while considering that other large financial institutions would also likely slash executive pay because of turmoil in the financial markets.

However, the head of TD’s wholesale banking division, Bob Dorrance, got a raise. He made $8.3 million, up from $5.3 million in 2008.

The bank will release its first-quarter financial results on Thursday, March 4.