Bharat Masrani Paid $3 Million to Advise TD
Toronto-Dominion Bank paid former chief executive bharat masrani $3 million last year to advise on its anti-money-laundering remediation efforts, the bank said in a proxy filing. The payment, part of a $3. 6 million total compensation package for Masrani, signals the bank kept him involved in remediation even as it faces almost $3. 1 billion in fines from U. S. authorities.
Bharat Masrani Compensation Details
TD’s proxy filing states that the bank paid Masrani $3 million last year specifically to advise on anti-money-laundering remediation, and that he “continues to receive certain health and other benefits, office and administrative support. ” The filing records Masrani’s total compensation for the year as $3. 6 million, up from $1. 6 million in 2024 when he received almost no variable compensation beyond his base salary after the bank agreed to pay almost $3. 1 billion of fines. The pattern suggests the bank increased Masrani’s cash and benefits to retain his involvement during a remediation phase triggered by the large fines.
Raymond Chun Pay and Role
Raymond Chun succeeded Masrani in February 2025 and received $14. 6 million in total compensation for the year, the proxy filing shows. Chun’s direct pay was $2. 3 million above target, with the board citing his renewed strategy, “intense focus on remediation, ” and accountability. The figures point to the board using Chun’s compensation to reward and signal a shift toward stronger remediation and accountability after the settlement with U. S. authorities.
Toronto-Dominion Bank Almost $3. 1 Billion
The bank agreed to pay almost $3. 1 billion in fines as part of a settlement with U. S. authorities over anti-money laundering violations, a central fact in the proxy filing. TD then paid Masrani $3 million to advise on the remediation tied to those violations, while Chun’s elevated pay is tied to the board’s emphasis on remediation work. The contrast between the almost $3. 1 billion in fines and the $3 million advisory payment highlights how regulatory penalties dwarf executive retention costs, even as the bank reallocates compensation to address compliance failings.
The proxy filing does not specify the precise advisory responsibilities bharat masrani will perform going forward. If the board maintains its stated “intense focus on remediation, ” the filing’s compensation and support details suggest the bank will continue to align pay and retained expertise toward remediation priorities rather than conventional performance incentives.
