Finance
TD Speeds CEO Handoff, Cuts Pay for More Than 40 Executives
- Bank cut bonuses by C$30 million over money-laundering lapses
- Outgoing CEO received no bonus, Chun to take over in February
A Toronto-Dominion bank branch.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Toronto-Dominion Bank moved up the start date for its new chief executive officer, Raymond Chun, by two months and slashed executives’ pay in the wake of its historic and costly money-laundering scandal.
The bank is also overhauling its board, which has faced criticism for its oversight of the lender’s US compliance program after it failed to stop drug cartels and other criminals from laundering hundreds of millions of dollars through several of Toronto-Dominion’s American branches for years.