TD Chief Says Probes Show Need for Better Staff Accountability

Toronto-Dominion Bank employees need to take more accountability and act with more urgency on risks, Chief Executive Officer Bharat Masrani said, after the Canadian bank was rocked by sweeping money-laundering investigations in its US business.

“The big lesson is you can’t take anything for granted,” Masrani said Wednesday at a financial-industry conference hosted by Bank of Nova Scotia in Toronto.

CEO Bharat Masrani

Photographer: Della Rollins/Bloomberg

Toronto-Dominion faces allegations that it failed to catch money laundering and other financial crimes at multiple US branches across several states. It’s under investigation by the Department of Justice as well as financial regulators, and said last month it ...