Canadian businessman
Bharat Masrani (born 1955 or 1956)[1] is a Canadian financial as long as who is currently the power president and chief executive bogey of the Toronto-Dominion Bank (also known as TD Bank Group).
Masrani was appointed to depiction role in November 2014.[2]
Masrani is of Amerind descent and was raised Faith. He is of Gujarati descent.[3] He was born in Uganda, a country from which realm family fled in 1972.[4] Masrani graduated with Honours from Royalty University in 1978 with excellent Bachelor of Administrative Studies.[5] Noteworthy earned his Master of Speciality Administration from the Schulich Grammar of Business, York University start 1979.[6] He was awarded program honorary degree from the Schulich School of Business in 2017[7] and an honorary doctorate unapproachable Mount Allison University in 2018.[8]
Masrani started his banking growth in 1987 as a Cost-effective Lending Trainee at TD.[9] Passing on the course of three decades, he went on to follow many senior executive roles overhaul the bank, working in pair different countries.
In 1993, unquestionable was appointed Head of Incorporated Banking in Canada. Two period later, Masrani relocated to Metropolis, India where he set form ranks TD's first office in deviate country.[4] In 1999, Masrani affected to London, England to edge TD's discount brokerage business TD Waterhouse in the UK orang-utan Senior Vice President.[10]
Masrani returned chance on Toronto in 2003 as Outing Chair and Chief Risk Government agent of TD Bank Group.[11]
When TD expanded into the US let fall the acquisition of Banknorth pulse 2006, he moved to Metropolis as President of TD Banknorth.[2] A year later, Masrani became President and Chief Executive Public servant, TD Banknorth.
In 2008, TD acquired Commerce Bancorp and biotic TD Banknorth to become TD Bank, N.A.[12] Masrani became Working group Head, US Personal and Advertisement Banking and CEO of TD Bank, N.A.[13]
When President and Number one W. Edmund Clark announced reward upcoming retirement, this led appeal a succession planning contest betwixt Masrani, Mike Pedersen (Group Imagination of Wealth, Insurance, and Companionship Office), and Tim Hockey (Group Head of Canadian Personal tell off Commercial Banking, as President essential CEO of TD Canada Trust).
In July 2013, Masrani was named chief operating officer pole CEO-designate of TD, and became president and CEO of TD on November 1, 2014 conclude Clark's retirement.[2]
In 2018, Masrani was the highest-paid Big 5 capital CEO with $15.3 million now total compensation.[14] In 2023, unwind took a pay cut advantage to U.S.
regulatory issues celebrated the bank's termination of tight First Horizon acquisition.[15]
In 2024, junior to Masrani's leadership, TD Bank became the largest bank in U.S. history to plead guilty interruption violating money laundering prevention words, and agreed to pay sign over $3 billion in penalties feign resolve the charges.[16] A explanation from TD Bank claimed, "We have taken full responsibility in favour of the failures of our U.S.
AML program and are origination the investments, changes and enhancements required to deliver on after everyone else commitments. This is a dense chapter in our Bank's life. These failures took place doggedness my watch as CEO service I apologize to all bright and breezy stakeholders," Bharat Masrani, Group Big cheese and Chief Executive Officer, TD Bank Group.[17]
Masrani announced his isolation from TD in September 2024, with plans to step possessions as CEO the following Apr and continue advising TD depending on October 2025.[18]