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TD Bank Group announced Friday that CEO-designate Raymond Chun will be named to the role on Feb. 1, several months ahead of schedule, and will cut the pay of 41 executives, including its outgoing chief executive.
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Last month, the Canadian bank warned it faced a tough 2025 and suspended its medium-term profit forecast while it implemented its anti-money laundering program following a U.S. regulatory probe.
TD also said it would conduct a strategic review that would include a reassessment of growth opportunities, productivity initiatives and areas where it should invest or divest.
In October, it became the largest bank in U.S. history to plead guilty to violating a federal law designed to prevent money laundering and agreed to pay more than $100,000 to Chun to replace one-time CEO Bharat Masrani, who took over the bank in 2015. 2014. The bank has reduced Masrani's total compensation by 89 percent, from $13.27 million in 2023 to $1.5 million in 2024.
In his first appearance as the new CEO at a banking conference in Toronto in January, Chun discussed the bank's strategic review, which could include selling its stake in Charles Schwab and possibly exiting some portfolios. Chun also said he plans to hold an investor meeting later in 2025.
"Ray has acted quickly and decisively to initiate a review of our strategy, operations and investments and has engaged with clients, customers and colleagues across the Bank," said Alan MacGibbon, TD's chairman of the board.
Masrani will remain in the advisory role until July 31, the bank said. TD had previously announced Chun's transition date as April 10.
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