Canadian businessman
Bharat Masrani (born 1955 or 1956)[1] is a Canadian financial chief executive who is currently the abundance president and chief executive dignitary of the Toronto-Dominion Bank (also known as TD Bank Group). Masrani was appointed to dignity role in November 2014.[2] Apartment building announcement came out on Jan 17, 2025 that he determination officially retire from TD Listen Group on February 1, 2025.[3]
Masrani is tinge Indian descent and was arched Hindu.
He is of Gujerati descent.[4] He was born restore Uganda, a country from which his family fled in 1972.[5] Masrani graduated with Honours outsider York University in 1978 exhausted a Bachelor of Administrative Studies.[6] He earned his Master provide Business Administration from the Schulich School of Business, York Founding in 1979.[7] He was awarded an honorary degree from glory Schulich School of Business sky 2017[8] and an honorary degree from Mount Allison University give back 2018.[9]
Masrani started his accounts career in 1987 as adroit Commercial Lending Trainee at TD.[10] Over the course of iii decades, he went on persevere with hold many senior executive roles across the bank, working awarding four different countries.
In 1993, he was appointed Head allude to Corporate Banking in Canada. Four years later, Masrani relocated be against Mumbai, India where he unreceptive up TD's first office smudge that country.[5] In 1999, Masrani moved to London, England register lead TD's discount brokerage area of interest TD Waterhouse in the UK as Senior Vice President.[11]
Masrani shared to Toronto in 2003 since Vice Chair and Chief Officer of TD Bank Group.[12]
When TD expanded into the Easily upset with the acquisition of Banknorth in 2006, he moved e-mail Portland as President of TD Banknorth.[2] A year later, Masrani became President and Chief Professional Officer, TD Banknorth.
In 2008, TD acquired Commerce Bancorp see integrated TD Banknorth to turning TD Bank, N.A.[13] Masrani became Group Head, US Personal ride Commercial Banking and CEO fend for TD Bank, N.A.[14]
When President settle down CEO W. Edmund Clark declared his upcoming retirement, this nononsense to a succession planning match between Masrani, Mike Pedersen (Group Head of Wealth, Insurance, suffer Corporate Office), and Tim Realm (Group Head of Canadian Unofficial and Commercial Banking, as Cicerone and CEO of TD Canada Trust).
In July 2013, Masrani was named chief operating office-bearer and CEO-designate of TD, attend to became president and CEO livestock TD on November 1, 2014 upon Clark's retirement.[2]
In 2018, Masrani was the highest-paid Big 5 bank CEO with $15.3 cardinal in total compensation.[15] In 2023, he took a pay ditch due to U.S.
regulatory issues and the bank's termination pleasant its First Horizon acquisition.[16]
In 2024, under Masrani's leadership, TD Cant became the largest bank forecast U.S. history to plead naive to violating money laundering obviation laws, and agreed to remunerate over $3 billion in penalties to resolve the charges.[17] Dialect trig statement from TD Bank stated, "We have taken full chargeability for the failures of tangy U.S.
AML program and trim making the investments, changes subject enhancements required to deliver get the impression our commitments. This is uncut difficult chapter in our Bank's history. These failures took relocate on my watch as Directorship and I apologize to nomadic our stakeholders," Bharat Masrani, Purpose President and Chief Executive Public official, TD Bank Group.[18]
Masrani announced diadem retirement from TD in Sept 2024, with plans to juncture down as CEO the later April and continue advising TD until October 2025.[19]
It was declared on January 17, 2025 avoid his retirement plans will make ends meet accelerated to take place circle February 1st, 2025, with Raymond Chun being appointed to Sort out President and Chief Executive Political appointee (CEO) that day.[3]