TD Bank moves up incoming CEO's start date to Feb. 1, cuts bonuses for 41 executives

TD Bank signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO — TD Bank Group is speeding up its plan to install Raymond Chun as chief executive and cutting the bonuses of more than 40 executives as it continues to deal with the fallout of its anti-money laundering failures in the United States.

The bank says Chun, who is currently chief operating officer, will become president and chief executive on Feb. 1 instead of an earlier plan to see him take over from Bharat Masrani in the top job on April 10.

TD also says it has cut the bonuses of 41 executives, including many who are no longer with the bank, to reflect the seriousness of the failures, the associated costs to the bank and the limitations imposed on the U.S. retail business.

The bank says Masrani’s total direct compensation for 2024 has been slashed by 89 per cent compared with 2023.

The bank is also making a number of changes to its board as chair Alan MacGibbon prepares to step down from the role and retire as a director at the end of the year.

TD agreed in October to pay fines totalling more than $4.23 billion after pleading guilty to multiple charges in the U.S. related to its failings. Regulators also imposed an asset growth cap on its U.S. retail banking operations.

This report by The Canadian Press was first published Jan. 17, 2025.

Companies in this story: (TSX:TD)

The Canadian Press