TD Bank Accelerates Start Date for New CEO and Reduces Bonuses for 41 Executives

January 17, 2025 TruthUSA

TD Bank Group is accelerating its appointment of Raymond Chun as chief executive and reducing the bonuses of over 40 executives in response to its anti-money laundering issues in the U.S.

The bank has decided to have Chun, currently the chief operating officer, take on the role of president and chief executive on Feb. 1 instead of the previously planned date of April 10 to succeed Bharat Masrani.

Furthermore, TD has reduced the bonuses of 41 executives, including those who have left the bank, to acknowledge the seriousness of the failures, the costs incurred, and the restrictions on the U.S. retail business.

The bank also mentions that Masrani’s total direct compensation for 2024 has been significantly reduced by 89% compared to 2023.

In addition, TD is implementing several changes to its board as chair Alan MacGibbon gets ready to step down and retire as a director by the end of the year.

In October, TD agreed to pay fines exceeding $4.23 billion after pleading guilty to various charges in the U.S. linked to its shortcomings. Regulators also placed a cap on the asset growth of its U.S. retail banking operations.