Toronto-Dominion Bank said Chief Executive Officer Bharat Masrani will retire in April and Raymond Chun will take the top job, as the bank grapples with investigations by the Department of Justice and financial regulators into lapses of money-laundering controls at its US branches.
Grant White, portfolio manager and investment advisor at iA Private Wealth, joins BNN Bloomberg to discuss U.S. bank stocks vs. Canadian as well as the latest on TD Bank.
-- Chun, who’s currently head of TD’s Canadian retail division, will join the board and become chief operating officer on Nov. 1, Canada’s second-biggest bank said in a statement Thursday. He’ll officially become CEO on April 10. Masrani has worked for Toronto-Dominion for decades and became CEO in 2014, but the end of his tenure has been marred by last year’s unraveling of the $13.4 billion deal to acquire US regional bank First Horizon Corp., the anti-money laundering probes and a slumping share price.
The core allegations are that Toronto-Dominion failed to catch money laundering and other financial crimes at several branches in the US, a division Masrani himself used to run. Numerous executives in legal and compliance roles have left the bank amid the fallout, and speculation that Masrani would also announce his exit has swirled for months.
Business Canada Top Canada Company News Financials General Government Industry Legal Markets North America Top News Unites States World Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TD Bank CEO Bharat Masrani to retire, Canadian head Raymond Chun to take overTransition set for April 10
Read more »
TD Bank CEO Bharat Masrani to retireTD Bank Group said on Thursday its CEO Bharat Masrani will retire on April 10. Last month, ten shareholders and two analysts interviewed by Reuters said a...
Read more »
TD Bank Group CEO Bharat Masrani to retire next yearTD Bank Group says chief executive Bharat Masrani will retire on April 10, 2025.
Read more »
Nestle names Laurent Freixe new CEO as Mark Schneider leaves companyNestle on Thursday said it was replacing Chief Executive Mark Schneider with long-serving executive Laurent Freixe. Schneider has decided to relinquish his...
Read more »
Trans Mountain names insider Maki as CEOCanadian pipeline operator Trans Mountain Corp on Friday named insider Mark Maki as its chief executive officer, effective Sept.
Read more »
Trans Mountain names Maki new CEO before government divestitureTrans Mountain Corp., the government-owned company operating Canada’s newest major oil pipeline, named Chief Financial and Strategy Officer Mark Maki as its next chief executive officer as it prepares for a sale to private owners.
Read more »