TD Bank Group is speeding up its plan to install Raymond Chun as chief executive and cutting the bonuses of more than 40 executives as it continues to deal with the fallout of its anti-money laundering failures in the United States.
The bank says Chun, who is currently chief operating officer, will become president and chief executive on Feb. 1 instead of an earlier plan to see him take over from Bharat Masrani in the top job on April 10.
TD also says it has cut the bonuses of 41 executives, including many who are no longer with the bank, to reflect the seriousness of the failures, the associated costs to the bank and the limitations imposed on the U.S. retail business….