The Toronto-Dominion Bank
Leadership History
4 leaders · 1997 to present
Raymond Chun is the CEO of TD Bank, in the role since 2025. The first chief executive was A. Charles Baillie, from 1997.
| Name | Role | From | To | Years in role |
|---|---|---|---|---|
| Raymond Chun | Group President and CEO (2025-present) | 2025 | Present | 1 |
| Bharat Masrani | Group President and CEO (2014-2025) | 2014 | 2025 | 11 |
| W. Edmund Clark | President and Chief Executive Officer | 2002 | 2014 | 12 |
| A. Charles Baillie | Chairman and Chief Executive Officer | 1997 | 2002 | 5 |
TD Bank is a Canadian banking group with fiscal 2025 reported revenue of ~$48.8 billion (C$67.78 billion), reported net income of ~$14.8 billion (C$20.54 billion), roughly 100,000 employees and more than 28 million clients. Its earnings come mainly from Canadian Personal and Commercial Banking, with U.S. Retail, Wealth Management and Insurance, and Wholesale Banking (TD Securities and TD Cowen) making up the rest. The company is headquartered in Toronto, Canada.
TD Bank (Toronto-Dominion Bank) operates a diversified multinational retail, commercial, and wholesale banking business model across Canada and the United States. Revenue is generated through two primary engines: Net Interest Income (NII) earned on the spread between interest earned on residential mortgages, commercial loans, personal credit lines, and credit cards versus interest paid on customer deposits; and Non-Interest Fee Income. Fee income encompasses wealth management and asset management fees via TD Wealth, retail banking service charges, credit card interchange fees, property and casualty insurance underwriting premiums via TD Insurance, and institutional investment banking, advisory, and trading revenues through TD Securities.
Group President and CEO (2025-present)
2025 – Present
1 year (current)
Chun became Group President and CEO on February 1, 2025, after more than three decades at TD, including leading Canadian Personal Banking. He oversaw the Schwab stake sale, a 2025 strategy reset, and fiscal 2026 results that included record Q3 adjusted earnings of ~$3.36 billion (C$4.67 billion).
Group President and CEO (2014-2025)
2014 – 2025
11 years
Masrani led TD for more than a decade, overseeing the Schwab strategic partnership, the Cowen acquisition, and the attempted First Horizon merger. He accelerated TD's digital transformation and expanded the US franchise. However, the AML failures 'took place on my watch' and he accelerated his retirement due to the crisis.
President and Chief Executive Officer
2002 – 2014
12 years
Clark became chief executive in December 2002 and expanded in US retail banking, buying Banknorth and Commerce Bancorp.
TD avoided large losses in the 2008 financial crisis. Bharat Masrani succeeded him in November 2014.
Chairman and Chief Executive Officer
1997 – 2002
5 years
Baillie became chief executive in 1997 and bought Canada Trust in 2000.
He built TD Waterhouse into a large discount broker. Ed Clark succeeded him in 2002.
TD Bank faces risks from U.S. AML remediation, the U.S. asset cap, credit losses, interest-rate cycles, housing exposure, regulatory scrutiny, and competition from banks and fintechs.
Raymond Chun is the Group President and Chief Executive Officer of TD Bank Group, officially assuming the helm on February 1, 2025, succeeding longtime CEO Bharat Masrani.
Raymond Chun joined TD in 1992 and held senior leadership positions across the bank for over three decades, including President of TD Insurance, Group Head of Wealth Management, and Group Head of Canadian Personal Banking.
Chun's priorities focus on completing comprehensive anti-money laundering remediation in the U.S., driving profitable organic growth in Canadian retail and wholesale banking, optimizing capital through buybacks, and rebuilding regulatory trust.
Bharat Masrani served as CEO from November 2014 to February 2025. He oversaw massive expansion of TD Bank's U.S. branch footprint, closed the US$1.3 billion Cowen acquisition, navigated the COVID-19 pandemic, and took accountability for resolving the 2024 U.S. AML regulatory enforcement actions.
W. Edmund (Ed) Clark led TD from 2002 to 2014 after joining through the Canada Trust acquisition. He reshaped TD around retail convenience, steered the bank smoothly through the 2008 global financial crisis without government bailouts, and executed major U.S. acquisitions including Commerce Bancorp.
A. Charles Baillie served as CEO from 1997 to 2002. He led the landmark C$8 billion acquisition of Canada Trust in 2000 and fought off rival hostile bids to solidify TD as an independent retail titan.
Richard M. Thomson served as CEO and Chairman of TD Bank from 1978 to 1997, overseeing two decades of national branch expansion, computerization, and the establishment of TD Securities in 1987.
Allen Lambert served as CEO and Chairman from the late 1950s through 1977. He championed the construction of the landmark Toronto-Dominion Centre designed by Mies van der Rohe, which redefined Toronto's financial district skyline.
The Board, led by Chair Alan MacGibbon, announced the orderly transition in September 2024, designating Raymond Chun as Chief Operating Officer before formally promoting him to Group President and CEO on February 1, 2025.
Alongside group CEO succession, TD appointed new leadership for TD Bank, N.A. in the U.S., brought in senior former federal regulatory and compliance executives, and created dedicated remediation oversight committees.
TD ties executive bonuses and long-term equity incentives directly to Return on Equity (ROE), adjusted EPS growth, regulatory compliance milestones, risk culture metrics, and customer satisfaction scores.
TD's Board consists of independent business leaders from Canada and the U.S. who govern audit, risk, governance, and human resources committees, providing independent oversight of management strategy and capital allocation.
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