**Chun Takes the Helm as CEO Following Three Decades at TD Bank**
Stock Upgrades Follow CEO Transition; Chun Prioritizes Anti-Money Laundering Improvements
A seasoned executive from TD Bank has stepped into the role of CEO, tasked with guiding the institution through a critical anti-money laundering remediation program after the bank faced a significant fine from U.S. regulators. Raymond Chun, 55, who has dedicated over 30 years to Canada’s second-largest bank, previously oversaw TD’s wealth management, insurance, and Canadian personal banking sectors.
In his new position, Chun will be responsible for addressing issues within the bank’s U.S. retail banking operations, which may include the potential divestiture of certain assets. Unlike other candidates for the CEO role, Chun has kept a relatively low profile on Bay Street, Toronto’s financial hub, while demonstrating extensive knowledge of banking operations, according to former colleagues and industry insiders.
Analysts suggest that Chun’s primary challenge will be to navigate U.S. regulatory complexities, as most of his experience has been in Canada. He succeeds Bharat Masrani at a time when TD is working to rectify its anti-money laundering practices after being fined $3 billion by U.S. regulators, who also imposed growth restrictions and appointed an independent monitor to oversee the bank’s activities. This action followed revelations that criminals exploited TD’s U.S. branches to launder millions in fentanyl proceeds through bribery.
In December, TD cautioned about a difficult 2025 and suspended its medium-term earnings forecast. Some shareholders had proposed bringing in an external candidate with U.S. banking expertise to help restore the bank’s reputation, placing additional pressure on Chun to demonstrate his capability for a fresh start.
Chun reassured investors in September of his experience managing complex businesses and collaborating with control and risk teams as he assumes his new responsibilities. In a memo to staff, he emphasized that enhancing the bank’s anti-money laundering program and establishing a robust risk and control environment would be his top priorities, aiming to eliminate obstacles and streamline operations. He also mentioned that he is already engaging with clients, viewing this as an excellent foundation for the next chapter.
Chun’s intention to conduct a comprehensive strategic review of operations indicates a more proactive approach than some may expect, according to Anthony Visano, head of investment research at Kingwest and Co., an independent investment firm and TD investor since 2010. “He’s not just a housekeeper,” Visano remarked. “He is here and he’s on his front foot.”
TD revealed the U.S. regulatory investigation shortly after it canceled its $13.4 billion acquisition of First Horizon, a Tennessee-based lender, in 2023, a deal that would have expanded its footprint in the southeastern U.S.
