TD Names Chun CEO as Masrani to Retire Amid US Investigation (2)

Toronto-Dominion Bank said Chief Executive Officer Bharat Masrani will retire in April and Raymond Chun will take the top job, as the bank grapples with investigations by the Department of Justice and financial regulators into lapses of money-laundering controls at its US branches.

Chun, 55, who’s currently head of TD’s Canadian retail division, will join the board and become chief operating officer on Nov. 1, Canada’s second-biggest bank said in a statement Thursday. He’ll officially become CEO on April 10.

Masrani, 68, has worked for Toronto-Dominion for decades and became CEO in 2014, but the end of his tenure has ...