TD Bank Group has appointed Raymond Chun as CEO, effective February 1st, earlier than planned. The bank also announced a reduction in salaries for 41 executives and the sale of its 184.7 million shares in Charles Schwab, worth approximately $15.4 billion. This move follows a challenging 2025 for TD, marked by a U.S. regulatory probe into its anti-money laundering practices and a strategic review initiated by the bank.
WATCH: TD Bank Group announced on Friday that CEO-designate Raymond Chun would be appointed to the role on February 1st, months earlier than initially planned, and slashed the salary of 41 executives, including its outgoing chief. – Jan 17, 2025TD holds 184.7 million shares of Schwab’s common stock, worth roughly $15.4 billion based on its last closing price. Charles Schwab shares were last down 3.2% in premarket trading.
In October, TD became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay more than $3 billion in penalties to resolve the charges.The plea deal, which includes a rare imposition of an asset cap and other business limitations, was a result of multiple U.S. government investigations into what authorities described as pervasive issues.
BANKING EXECUTIVE CHANGES SHARE BUYBACKS INVESTMENTS MONEY LAUNDERING
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