Bharat Masrani
Bharat Masrani | |
|---|---|
| Born | 1955 or 1956 (age 68–69) Uganda |
| Nationality | Canadian |
| Education | Schulich School of Business |
| Occupation(s) | Group president and chief executive officer of Toronto-Dominion Bank (also known as TD Bank Group) |
Bharat Masrani (born 1955 or 1956)[1] is a Canadian financial executive who is currently the group president and chief executive officer of the Toronto-Dominion Bank (also known as TD Bank Group). Masrani was appointed to the role in November 2014.[2]
Early life and education
[edit]Masrani is of Indian descent and was raised Hindu. He is of Gujarati descent.[3] He was born in Uganda, a country from which his family fled in 1972.[4] Masrani graduated with Honours from York University in 1978 with a Bachelor of Administrative Studies.[5] He earned his Master of Business Administration from the Schulich School of Business, York University in 1979.[6] He was awarded an honorary degree from the Schulich School of Business in 2017[7] and an honorary doctorate from Mount Allison University in 2018.[8]
Banking career
[edit]Masrani started his banking career in 1987 as a Commercial Lending Trainee at TD.[9] Over the course of three decades, he went on to hold many senior executive roles across the bank, working in four different countries. In 1993, he was appointed Head of Corporate Banking in Canada. Two years later, Masrani relocated to Mumbai, India where he set up TD's first office in that country.[4] In 1999, Masrani moved to London, England to lead TD's discount brokerage business TD Waterhouse in the UK as Senior Vice President.[10]
Masrani returned to Toronto in 2003 as Vice Chair and Chief Risk Officer of TD Bank Group.[11]
When TD expanded into the US with the acquisition of Banknorth in 2006, he moved to Portland as President of TD Banknorth.[2] A year later, Masrani became President and Chief Executive Officer, TD Banknorth. In 2008, TD acquired Commerce Bancorp and integrated TD Banknorth to become TD Bank, N.A.[12] Masrani became Group Head, US Personal and Commercial Banking and CEO of TD Bank, N.A.[13]
When President and CEO W. Edmund Clark announced his upcoming retirement, this led to a succession planning contest between Masrani, Mike Pedersen (Group Head of Wealth, Insurance, and Corporate Office), and Tim Hockey (Group Head of Canadian Personal and Commercial Banking, as President and CEO of TD Canada Trust). In July 2013, Masrani was named chief operating officer and CEO-designate of TD, and became president and CEO of TD on November 1, 2014 upon Clark's retirement.[2]
In 2018, Masrani was the highest-paid Big 5 bank CEO with $15.3 million in total compensation.[14] In 2023, he took a pay cut due to U.S. regulatory issues and the bank's termination of its First Horizon acquisition.[15]
In 2024, under Masrani's leadership, TD Bank became the largest bank in U.S. history to plead guilty to violating money laundering prevention laws, and agreed to pay over $3 billion in penalties to resolve the charges.[16] A statement from TD Bank claimed, "We have taken full responsibility for the failures of our U.S. AML program and are making the investments, changes and enhancements required to deliver on our commitments. This is a difficult chapter in our Bank's history. These failures took place on my watch as CEO and I apologize to all our stakeholders," Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group.[17]
Masrani announced his retirement from TD in September 2024, with plans to step down as CEO the following April and continue advising TD until October 2025.[18]
References
[edit]- ^ Dobby, Christine (19 September 2024). "TD Names Chun CEO With Bank Facing US Investigation". BNN Bloomberg.
- ^ a b c "TD Executive Profiles: Bharat Masrani". TD Bank Group.
- ^ "Influential Gujaratis around the world". Media India Group. 9 January 2017.
- ^ a b "Meet Bharat Masrani, the little known man taking over TD Bank". The Globe and Mail. The Globe and Mail: Report on Business. 25 September 2014.
- ^ "Executive Profile and Biography: Bharat Masrani". Reuters.
- ^ "MBA All-Stars: Bharat Masrani". The Financial Post Magazine. Archived from the original on 2015-03-17.
- ^ "Bharat Masrani says diversity is strength at Schulich convocation". York University. 27 June 2017.
- ^ "Honorary Degrees". Archived from the original on 2021-07-25.
- ^ "TD Bank CEO Ed Clark to retire; Bharat Masrani takes the helm in November 2014". The Toronto Star. 3 April 2013.
- ^ "Toronto-Dominion picks Bharat Masrani as next CEO". The Globe and Mail. 3 April 2013.
- ^ "Executive Profile and Biography". Bloomberg.
- ^ "TD buys Commerce Bankcorp". The Toronto Star. 2 October 2007.
- ^ "TD Bank Group Welcomes Bharat Masrani as New Group President and CEO". TD Bank Group.
- ^ The Canadian Press (March 13, 2019). "Canada's Big 5 bank CEOs pay rises 6.5% to $54M in 2018". CBC News.
- ^ "TD CEO Masrani took a pay cut in 2023 amid US regulatory issues, First Horizon deal". Reuters.
- ^ "TD Bank fined $3B US after pleading guilty in historic U.S. money-laundering case". CBC News.
- ^ "TD BANK GROUP ANNOUNCES RESOLUTION OF AML INVESTIGATIONS". TD Bank Mediaroom.
- ^ Kiladze, Tim; Bradshaw, James; Trichur, Rita (19 September 2024). "TD Bank CEO Bharat Masrani to retire, head of Canadian personal banking Raymond Chun to take over". The Globe and Mail.