TD veteran Chun takes over as bank recovers from money …

2 days ago · A longtime TD Bank executive took over as the Canadian lender's CEO on Saturday, tasked with steering it through an anti-money laundering remediation program after it paid a …

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Who is Raymond Chun?

Raymond Chun, 55, has spent over 30 years at Canada's second-largest bank, running TD's wealth, insurance and Canadian personal banking business. As CEO he will be in charge of cleaning up the bank's U.S. retail banking business, including the potential sale of certain assets. ...

Who is the new CEO of TD Bank?

As part of Masrani’s exit, Chun — currently the bank’s head of Canadian personal banking — will become the chief operating officer on Nov. 1 before stepping in as CEO in April 2025. What are the TD money laundering allegations? ...

What has TD learned from its anti-money laundering debacle?

To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. As he prepares to take the CEO reins in April, TD’s chief operating officer, Raymond Chun, said Tuesday the bank has learned some crucial lessons through its anti-money laundering debacle, including the significance of experienced staff. ...

What happened to TD Bank?

TD is conducting a major overhaul of its businesses to comply with penalties levied by U.S. regulators. In October, the bank pleaded guilty to conspiracy to commit money laundering, and U.S. authorities imposed an asset cap, restricting the bank’s growth in its U.S. retail arm. ...

Will Chun give TD a fresh start?

TD in December warned of a challenging 2025 and suspended its medium-term earnings forecast. Some shareholders had floated the idea of an external candidate with knowledge of the U.S. banking business to help clear the bank's image as it works with regulators, so the pressure is on Chun to prove he can give the bank a fresh start. ...

Will TD improve anti-money laundering practices?

The Toronto-Dominion Bank ’s TD chief operating officer and next CEO Raymond Chun revealed plans to improve anti-money laundering (AML) practices after the company faced a significant penalty of $3.09 billion last year. Chun revealed this during the RBC investor conference on Tuesday. ...