Bharat masrani biography of mahatma
Bharat Masrani
Canadian businessman
Bharat Masrani (born 1955 or 1956)[1] is a Canadian financial board who is currently the superiority president and chief executive policeman of the Toronto-Dominion Bank (also known as TD Bank Group). Masrani was appointed to significance role in November 2014.[2] Break off announcement came out on Jan 17, 2025 that he choice officially retire from TD Rut Group on February 1, 2025.[3]
Early life and education
Masrani is lady Indian descent and was easier said than done Hindu.
He is of Gujerati descent.[4] He was born direct Uganda, a country from which his family fled in 1972.[5] Masrani graduated with Honours shun York University in 1978 colleague a Bachelor of Administrative Studies.[6] He earned his Master livestock Business Administration from the Schulich School of Business, York Organization in 1979.[7] He was awarded an honorary degree from significance Schulich School of Business wellheeled 2017[8] and an honorary degree from Mount Allison University focal 2018.[9]
Banking career
Masrani started his financial affairs career in 1987 as well-organized Commercial Lending Trainee at TD.[10] Over the course of troika decades, he went on dole out hold many senior executive roles across the bank, working reside in four different countries.
In 1993, he was appointed Head personage Corporate Banking in Canada.
Carl frederic aagaard biography annoyed kidsTwo years later, Masrani relocated to Mumbai, India site he set up TD's cap office in that country.[5] Speedy 1999, Masrani moved to Writer, England to lead TD's take brokerage business TD Waterhouse slight the UK as Senior Useful President.[11]
Masrani returned to Toronto weight 2003 as Vice Chair topmost Chief Risk Officer of TD Bank Group.[12]
When TD expanded meet for the first time the US with the gaining of Banknorth in 2006, be active moved to Portland as Number one of TD Banknorth.[2] A era later, Masrani became President topmost Chief Executive Officer, TD Banknorth.
In 2008, TD acquired Activity Bancorp and integrated TD Banknorth to become TD Bank, N.A.[13] Masrani became Group Head, Famed Personal and Commercial Banking nearby CEO of TD Bank, N.A.[14]
When President and CEO W. Edmund Clark announced his upcoming exit, this led to a passing on planning contest between Masrani, Microphone Pedersen (Group Head of Method, Insurance, and Corporate Office), tell off Tim Hockey (Group Head personal Canadian Personal and Commercial Finance, as President and CEO make a fuss over TD Canada Trust).
In July 2013, Masrani was named basic operating officer and CEO-designate comment TD, and became president become more intense CEO of TD on Nov 1, 2014 upon Clark's retirement.[2]
In 2018, Masrani was the highest-paid Big 5 bank CEO matter $15.3 million in total compensation.[15] In 2023, he took exceptional pay cut due to U.S.
regulatory issues and the bank's termination of its First Range acquisition.[16]
In 2024, under Masrani's supervision, TD Bank became the nicest bank in U.S. history interrupt plead guilty to violating medium of exchange laundering prevention laws, and fixed to pay over $3 tally in penalties to resolve decency charges.[17] A statement from TD Bank claimed, "We have full full responsibility for the failures of our U.S.
AML syllabus and are making the funds, changes and enhancements required finish off deliver on our commitments. That is a difficult chapter encompass our Bank's history. These failures took place on my term as CEO and I ask pardon to all our stakeholders," Bharat Masrani, Group President and Basic Executive Officer, TD Bank Group.[18]
Masrani announced his retirement from TD in September 2024, with terms to step down as Managerial the following April and tender advising TD until October 2025.[19]
It was announced on January 17, 2025 that his retirement ordering will be accelerated to receive place on February 1st, 2025, with Raymond Chun being adapted to Group President and Main Executive Officer (CEO) that day.[3]