Bharat Masrani
Bharat Masrani | |
|---|---|
| Born | Uganda |
| Occupation | Banking executive |
| Years active | 1987–2025 |
| Known for | CEO of Toronto-Dominion Bank (2014–2025) |
Bharat Masrani (born ) is a Canadian banking executive who held the positions of group president and chief executive officer at Toronto-Dominion Bank (TD Bank Group) from November 2014 until his retirement on February 1, 2025.
Early life and education
Masrani, whose heritage traces back to India and specifically the Gujarati community, was born in Uganda. His family remained there until they were forced to leave in 1972. He earned a Bachelor of Administrative Studies with Honours from York University in 1978 and completed an MBA at York University's Schulich School of Business in 1979. Later, he was awarded honorary degrees by the Schulich School of Business in 2017 and by Mount Allison University in 2018.
Banking career
Beginning his banking journey at TD in 1987 as a Commercial Lending Trainee, Masrani accumulated over thirty years of leadership experience across four countries. By 1993, he was appointed Head of Corporate Banking in Canada. Two years afterward, he was responsible for launching TD's inaugural office in Mumbai, India. In 1999, Masrani transitioned to London to assume the role of Senior Vice President at TD Waterhouse UK.
He returned to Toronto in 2003 to take on the roles of Vice Chair and Chief Risk Officer for TD Bank Group. When TD expanded into the US market by acquiring Banknorth in 2006, Masrani moved to Portland to serve as President of TD Banknorth, later becoming its President and CEO in 2007. Following TD's acquisition of Commerce Bancorp in 2008 and the subsequent merger forming TD Bank, N.A., he was named Group Head of US Personal and Commercial Banking as well as CEO of TD Bank, N.A.
After CEO W. Edmund Clark announced his retirement, Masrani emerged as a leading candidate among several executives for the top position. In July 2013, he was appointed Chief Operating Officer and CEO-designate, officially assuming the roles of president and CEO on November 1, 2014.
In 2018, Masrani earned the distinction of being the highest-compensated CEO among Canada's Big Five banks, receiving $15.3 million. However, his remuneration was reduced in 2023 due to regulatory setbacks in the US and the discontinuation of the First Horizon acquisition.
During Masrani’s tenure in 2024, TD Bank admitted guilt for breaches of US anti-money laundering regulations—the largest case of its kind in US history—and consented to pay fines exceeding $3 billion. He accepted full accountability for shortcomings within the bank’s AML program and pledged to implement necessary reforms and investments.
In September 2024, Masrani declared his intention to retire as CEO by April 2025 while remaining an advisor until October that year. Nevertheless, his retirement was expedited on January 17, 2025, setting February 1 as his departure date. Raymond Chun succeeded him as Group President and CEO on that day.