TD Bank CEO Bharat Masrani will retire next year and hand over the job to the head of its Canadian banking unit Ray Chun, as Canada’s second-biggest lender braces for expected U.S. fines for weakness in its anti-money laundering protocols.
Masrani, who became CEO in 2014, is set to step down in April, Toronto-based TD said. TD also said Riaz Ahmed, the head of its capital markets unit TD Securities, will retire in January.
Masrani has focused on the bank’s U.S. unit as it sought growth opportunities outside of Canada, building that business to become the 10th largest bank in the United States, with about $400 billion in assets and a network of 1,150 branches on the East Coast.
The bank last year ran into trouble with the U.S. government, including the Justice Department, for weakness in its anti-money laundering protocols after TD terminated its $13.4 billion acquisition of Tennessee-based First Horizon that would have …