The sanctions TD agrees to will play a major role in determining who succeeds Bharat Masrani as he prepares to depart after a decade in the top job
People walk past a TD Bank branch in Toronto, on Aug. 22. On Wednesday, TD predicted it will pay a total of roughly US$3-billion to U.S. regulators – one of the largest anti-money laundering sanctions ever seen.answered two key questions this week by setting aside US$2.6-billion to pay penalties for allowing drug dealers to launder bags full of cash in its U.S. branches.it will pay a total of roughly US$3-billion to U.S.
The sanctions TD agrees to will play a major role in determining who succeeds chief executive Bharat Masrani as he prepares to depart after a decade at the helm. Hiring an outsider would previously have bordered on unthinkable at TD, a bank with a proud corporate culture. But two years ago, the unthinkable happened at Scotiabank, when Scott Thomson won the top job after a decade running a heavy equipment dealer, Finning International. There a precedent for importing a CEO as an agent of change.
TD’s next logical leader would be someone with deep expertise in the domestic businesses, along with the ability to inspire. The list of potential successors would start with the head of TD’s profitable Canadian retail banking unit, Ray Chun, whose division exceeded expectations on performance when the bank reported financial results on Thursday, and the head of wealth management and insurance, Tim Wiggan.
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