Proactive Investors - Toronto-Dominion Bank (TSX:TSX:TD), as it faces money laundering probes in the US, has revealed CEO Bharat Masrani will be retiring next year after more than a decade leading the Canadian bank.
Masrani took full responsibility for the anti-money laundering challenges facing the bank.
“The anti-money laundering challenges we face took place on my watch as CEO and I take full responsibility,” he said in a statement.
“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 will retire on April 10, 2025, after working at TD for 38 years. He will continue to serve as an advisor until October 31, 2025.
Taking over the top job at TD will be Raymund Chun, Group Head, Canadian Personal Banking.
Chun will be appointed chief operating officer starting November 1 and will report to Masrani until April.
TD Bank has taken on billions in charges related to ongoing US investigations into the shortcomings of its anti-money laundering program.
It posted a rare loss in its latest quarterly earnings as it set aside US$2.6 billion for fines related to its anti-money laundering issues.