TD Bank Restructures Leadership and Compensation After Money Laundering Failures

The Canadian lender adjusts executive pay, appoints a new CEO, and implements extensive compliance measures following a $3 billion U.S. penalty.

Raymond Chun's 2024 compensation as TD Bank's new CEO is set at $7.9 million, with a target increase to $8.3 million for 2025.
Outgoing CEO Bharat Masrani's pay was slashed by 89% to $1.5 million for 2024, and he will remain as an advisor until July 2025.
U.S. retail banking head Leo Salom's pay was reduced by 23% to $3.51 million but includes a $2 million retention bonus contingent on meeting compliance milestones.
TD Bank pleaded guilty to conspiracy to commit money laundering in the U.S., resulting in a $3 billion fine and stringent restrictions on its U.S. operations.
The bank has hired 700 anti-money laundering professionals, conducted a board overhaul, and initiated a strategic review to address compliance gaps.