TD Bank CEO asks shareholders for patience as U.S. regulatory probe stretches into second year

Bharat Masrani, Group President and Chief Executive Officer of TD Bank Group, is photographed outside the bank offices in downtown Toronto, on Sept 3 2020.Toronto-Dominion Bank chief executive officer Bharat Masrani pleaded with shareholders for patience on the probe by U.S. regulators into the lender’s anti-money laundering practices as the investigation stretches into its second year.

“Without a doubt, shareholders have some anxiety regarding our issue in the U.S.,” Mr. Masrani said. “I’ve said to our shareholders as I’ve said today: Be patient, we will be able to share more details on that. But fundamentally, your bank is doing very well.” The bank’s efforts to remediate its anti-money laundering processes are weighing heavily on its balance sheet. Last year, TD said it expects to post an adjusted net loss of $200-million to $250-million per quarter this year in its internal corporate segment, driven by investments in its risk and control infrastructure.to strengthen its anti-money laundering controls and risk management practices in response to concerns raised by regulators.

“As you can imagine, a bank of our size, scale and profile would have very robust succession plans – and we do. Our board is very engaged, as would be other departments of the bank,” Mr. Masrani said in response to a shareholder question. “When the time comes you will see that TD, like it has for many years, will see a seamless and terrific executive takeover for my position.”

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