TD Bank announces CEO shuffle as Masrani set to retire in 2025
Global News
TD Bank announced a slew of executive changes on Thursday, most notably the retirement of its CEO Bharat Masrani and the naming of his successor, Ray Chun.
TD Bank CEO Bharat Masrani will retire next year and hand over the job to the head of its Canadian banking unit Ray Chun, as Canada’s second-biggest lender braces for expected U.S. fines for weakness in its anti-money laundering protocols.
Masrani, who became CEO in 2014, is set to step down in April, Toronto-based TD said. TD also said Riaz Ahmed, the head of its capital markets unit TD Securities, will retire in January.
Masrani has focused on the bank’s U.S. unit as it sought growth opportunities outside of Canada, building that business to become the 10th largest bank in the United States, with about $400 billion in assets and a network of 1,150 branches on the East Coast.
The bank last year ran into trouble with the U.S. government, including the Justice Department, for weakness in its anti-money laundering protocols after TD terminated its $13.4 billion acquisition of Tennessee-based First Horizon that would have grown its network in the Southwestern United States.
The U.S. regulatory investigations relate to allegations that Chinese drug traffickers used TD to launder at least $650 million from 2016 through 2021 and that an employee took a bribe to facilitate laundering of drug money.
TD reported its first loss in decades in August as it set aside $2.6 billion to cover expected fines from U.S. regulators.
“The anti-money laundering challenges we face took place on my watch as CEO and I take full responsibility,” Masrani said in a statement on Thursday.
“In the coming months, I will continue to advance and direct the critical remediation program required to meet our obligations and responsibilities and strengthen our risk and control foundation,” Masrani added.
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