Bharat Masrani is a Canadian financial executive who is presently the Group

President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

and

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of the

Toronto-Dominion Bank Toronto-Dominion Bank (french: links=no, Banque Toronto-Dominion), doing business as TD Bank Group (french: links=no, Groupe Banque TD), is a Canadian Multinational corporation, multinational banking and financial services corporation headquarte ...

(also known as TD Bank Group). Masrani was appointed to this role on November 1, 2014.

Early life and education

Masrani is of

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

n descent and was raised

Hindu Hindus (; ) are people who religiously adhere to Hinduism.Jeffery D. Long (2007), A Vision for Hinduism, IB Tauris, , pages 35–37 Historically, the term has also been used as a geographical, cultural, and later religious identifier for ...

. He is of

Gujarati Gujarati may refer to: * something of, from, or related to Gujarat, a state of India * Gujarati people, the major ethnic group of Gujarat * Gujarati language, the Indo-Aryan language spoken by them * Gujarati languages, the Western Indo-Aryan sub- ...

descent. He was born in

Uganda }), is a landlocked country in East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...

, a country from which his family fled in 1972. Masrani graduated with Honours from

York University York University (french: Université York), also known as YorkU or simply YU, is a public university, public research university in Toronto, Ontario, Canada. It is Canada's fourth-largest university, and it has approximately 55,700 students, 7,0 ...

in 1978 with a Bachelor of Administrative Studies. He earned his Master of Business Administration from the

Schulich School of Business The Schulich School of Business is the business school of York University located in Toronto, Ontario, Canada. The institution provides undergraduate and graduate degree and diploma programs in business administration, finance, accounting, busine ...

, York University in 1979. He was awarded an honorary degree from the Schulich School of Business in 2017 and an honorary doctorate from

Mount Allison University Mount Allison University (also Mount A or MtA) is a Canadian primarily undergraduate liberal arts university located in Sackville, New Brunswick, founded in 1839. Like other liberal arts colleges in North America, Mount Allison does not parti ...

in 2018.

Banking career

Masrani started his banking career in 1987 as a Commercial Lending Trainee at TD. Over the course of three decades, he went on to hold many senior executive roles across the bank, working in four different countries. In 1993, he was appointed Head of Corporate Banking in Canada. Two years later, Masrani relocated to Mumbai, India where he set up TD's first office in that country. In 1999, Masrani moved to London, England to lead TD's discount brokerage business

TD Waterhouse TD Waterhouse Canada Inc. is a Canadian financial services corporation headquartered in Toronto, Ontario and owned by Toronto-Dominion Bank. The company does business through several divisions, TD Direct Investing, TD Wealth Financial Planning, a ...

in the UK as Senior Vice President. Masrani returned to Toronto in 2003 as Vice Chair and Chief Risk Officer of TD Bank Group. When TD expanded into the US with the acquisition of Banknorth in 2006, he moved to Portland as President of

TD Banknorth TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The ban ...

. A year later, Masrani became President and Chief Executive Officer, TD Banknorth. In 2008, TD acquired

Commerce Bancorp Commerce Bancorp was a Cherry Hill, New Jersey–based bank created in 1973. In 2007, it was purchased by Toronto-Dominion Bank, which merged Commerce with TD Banknorth to form TD Bank, N.A.; all of its banks and branches were given the TD Ba ...

and integrated TD Banknorth to become

TD Bank, N.A. TD Bank, N.A. is an American National Association (Banking)#United States, national bank and the United States subsidiary of the multinational TD Bank Group (Canada), TD Bank Group. It operates primarily across the East Coast of the United State ...

Masrani became Group Head, US Personal and Commercial Banking and CEO of

When President and CEO

W. Edmund Clark William Edmund "Ed" Clark (born October 10, 1947) is the former president and chief executive officer of TD Bank Group. Clark was appointed to this role on December 20, 2002. Prior to this appointment, he was president and chief operating office ...

announced his upcoming retirement, this led to a succession planning contest between Masrani, Mike Pedersen (Group Head of Wealth, Insurance, and Corporate Office), and Tim Hockey (Group Head of Canadian Personal and Commercial Banking, as President and CEO of TD Canada Trust). In July 2013, Masrani was named

Chief Operating Officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if t ...

and CEO-designate of TD, and became President and CEO of TD on November 1, 2014 upon Clark's retirement. Under his management which has included cutting costs and optimizing their operations, the stock has had a positive upward trend, and has received positive "buy" recommendations from analysts. In 2018, Masrani was the highest paid Big 5 bank CEO with $15.3 million in total compensation.

References

External links

Report on Business Magazine: Meet Bharat Masrani, the little known man taking over TD Bank

The Maclean's 2014 Power List
{{DEFAULTSORT:Masrani, Bharat Canadian bankers Living people Schulich School of Business alumni York University alumni Gujarati people Canadian people of Gujarati descent Canadian people of Indian descent Year of birth missing (living people)