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 reported a strong second quarter overcast by money-laundering probes. Anne Gaviola has more on this story and more in Business Matters for May 23, 2024 – May 23, 2024will 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 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. “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.Teen who desperately needed size 23 shoes now holds 2 world records
“The timing is a bit of a surprise,” Jefferies analyst John Aiken said on Thursday. “We had assumed that the announcement would be made after the investigation was complete.”
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