TD Bank CEO is now retiring following a money laundering investigation by the US Justice Department, sources confirm.
TD Bank is set for a significant leadership change as CEO Bharat Masrani announces his retirement effective April 10, 2025.
Raymond Chun, currently head of Canadian personal banking, will take over as the bank’s next CEO.
Masrani, who has spent 38 years with the bank and has served as CEO for approximately a decade, will remain as an advisor until October 31, 2025.
In a statement, Masrani expressed confidence in Chun’s leadership during a challenging period for the bank, particularly as it faces scrutiny over anti-money laundering (AML) issues amid a U.S. Justice Department investigation.
“I take full responsibility for the challenges we face,” Masrani stated, emphasizing his commitment to advancing the bank’s remediation efforts.
Chun, who has been with TD for over 30 years, will also be appointed to the board of directors and become the chief operating officer effective November 1, 2023.
He has held various senior positions, including president of TD Direct Investing and CEO of TD Insurance, and is well-regarded for his ability to drive change and foster high-performing teams.
Alan MacGibbon, TD’s board chair, praised Masrani’s contributions, highlighting his role in navigating the bank through complex challenges and enhancing its competitiveness.
He expressed confidence in Chun’s ability to lead the bank into the future, particularly as it addresses its AML issues.
The bank has set aside approximately $3.57 billion for potential penalties related to these AML matters and anticipates a resolution by the end of the year.
Chun acknowledged the AML challenges but expressed optimism about the team’s capacity to strengthen the bank’s foundations.
Additionally, Riaz Ahmed, head of wholesale banking and CEO of TD Securities, will retire at the end of January, with Tim Wiggan stepping in as his successor.
As TD navigates its AML issues, Masrani confirmed that the bank’s growth plans in the U.S. have slowed, but he insisted that Chun’s appointment does not indicate a reduced focus on the U.S. market.
Masrani reassured stakeholders that he would remain available to support Chun and the bank in any capacity needed after his official departure as CEO.
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