TD shakes up executive team to drive US growth and restore confidence after record fine
A record US$3bn penalty and a sweeping leadership overhaul are reshaping Toronto-Dominion Bank’s (TD) approach to the US market.
The Globe and Mail reports that TD has named Jason Ince as head of global fixed income in Toronto, filling a key vacancy after a series of senior departures.
Ince, a two-decade veteran of the bank, steps into the role as TD aims to bring renewed clarity and direction to its global markets division.
Meanwhile, according to Reuters, TD has appointed Brian Callanan as US general counsel and Andre Ramos as US chief financial officer, effective December 1.
These appointments come in the wake of TD’s record US$3bn US penalty after pleading guilty to conspiracy to commit money laundering and related charges, which led to a regulatory cap on its US assets and the installation of an independent monitor to oversee compliance and risk controls.
Despite these regulatory challenges, TD continues to emphasize the US as a key growth market.
Leo Salom, president and CEO of TD Bank US, stated, “We have an ambitious plan to become a more efficient, profitable and powerful competitor in the US”.
Additionally, as per The Globe and Mail, Rhys Brooks and Phil Cushman have been appointed co-heads of global equities in New York.
