TD Names Chun CEO as Masrani to Retire Amid US Investigation

Bank of Montreal shuffles top brass as regulatory pressure intensifies

TD Bank has appointed Bharat Masrani to the role of CEO, replacing outgoing CEO Claude Chun.

The move comes as TD faces increased regulatory scrutiny in the United States, where it is being investigated for its role in a money laundering scandal. Chun, who has been with TD for over 30 years, will retire from his post on March 1, 2023.

The investigation is focused on TD's dealings with Danske Bank, a Danish bank that has been accused of laundering billions of dollars in Russian money. TD has said that it is cooperating with the investigation and that it has taken steps to improve its anti-money laundering controls.

Masrani, who joined TD in 2014, is a former investment banker and consultant. He has held a number of senior roles at TD, including head of capital markets and global head of corporate and investment banking.

The appointment of Masrani is seen as a sign that TD is taking the investigation seriously and that it is committed to improving its compliance with anti-money laundering regulations.

TD's US investigation: A timeline

• 2018: Danske Bank is accused of laundering billions of dollars in Russian money through its Estonian branch.
• 2019: TD is subpoenaed by US authorities as part of an investigation into Danske Bank's money laundering scandal.
• 2020: TD discloses that it is facing a US investigation for its role in the Danske Bank scandal.
• 2021: TD announces that it has appointed Bharat Masrani as CEO, replacing outgoing CEO Claude Chun.

What's next for TD?

It is unclear how long the US investigation into TD will take or what the outcome will be. However, the appointment of Masrani is seen as a sign that TD is taking the investigation seriously and that it is committed to improving its compliance with anti-money laundering regulations.

TD is a major Canadian bank with operations in the United States, Canada, and other countries. It is one of the largest banks in North America and has a market capitalization of over $100 billion.