Variable compensation for 2024 reduced by at least 25 per cent from target
By Jim Wilson
Jan 20, 2025
TD Bank has adjusted executive compensation to reflect the seriousness of the U.S. AML (anti-money laundering) failures, associated costs to the bank, and the limitations imposed on the U.S. retail business, according to the employer.
With the change, 41 executives – including many who are no longer with the bank – received reductions to their variable compensation, totaling $30 million. These include those with leadership responsibility for front line operations, control functions, and internal audit, according to the bank.
Bharat Masrani, currently group president and CEO, received no cash incentive award or equity compensation for 2024, resulting in his 2024 total direct compensation being reduced by 89 per cent – from $13,271,000 in 2023 to $1,500,000 in 2024. This is in addition to the $1,000,000 reduction made in 2023.
“While progress was made on a number of strategic initiatives and objectives in 2024, the AML matter had a significant impact on the bank,” says TD Bank. “In addition, in light of the AML matter and bank's overall financial performance, variable compensation for 2024 was reduced by at least 25 per cent from target for all other members of the senior executive team.”
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