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NEWS: TD Bank slashes outgoing CEO Bharat Masrani’s pay by 89% after AML scandal

FINED: TD Bank CEO Bharat Masrani was in charge when its US division was laundering money for China based fentanyl traffickers.

BY PAUL O’DONOGHUE, Senior Correspondent

TD BANK cut CEO Bharat Masrani’s 2024 compensation by 89% after a long-running string of AML scandals cost the company billions and led to an asset cap in the U.S.

Masrani’s total pay dropped from C$13.3 million ($9.2 million) in 2023 to C$1.5 million in 2024 after the bank eliminated his cash incentive and equity awards. This follows a C$1 million pay cut last year.

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