TD Cuts Top US Executive’s Bonus in Wake of Laundering Scandal

Toronto-Dominion Bank slashed last year’s pay for its top US executive, Leo Salom, in the wake of its historic money-laundering scandal but also said it will grant him $2 million in share-based compensation if the firm hits certain targets in 2025.

Salom, who has led Toronto-Dominion’s US division since 2022, saw his variable pay decline 35% in 2024, the bank said in its annual proxy filing Tuesday. His total compensation for the year was $3.5 million, down from $4.6 million a year earlier.

But the board’s human resources committee also underlined Salom’s importance to the bank’s recovery, noting that ...