TD Bank, N.A., a prominent financial institution in the United States, is the American subsidiary of the Toronto-Dominion Bank (TD), one of Canada’s largest banking groups. Headquartered in Cherry Hill, New Jersey, TD Bank N.A. operates in 15 U.S. states and Washington D.C., serving millions of customers across the East Coast, Mid-Atlantic, and Southeast regions. With a reputation for providing convenient banking services, TD Bank N.A. continues to be a key player in the U.S. banking industry, bolstered by its parent company’s success and stability in Canada.
TD Bank: A Snapshot
TD Bank stands as the seventh-largest bank in the U.S. by deposits and eleventh by total assets. In 2023, the American subsidiary’s asset value was estimated to exceed $423 billion. The bank’s diverse operations span retail banking, small business banking, and commercial banking services. TD Bank Group, which encompasses both Canadian and American operations, also includes key subsidiaries like TD Wealth US and TD Auto Finance US.
Since its acquisition of the former Commerce Bank in 2008, TD Bank N.A. has grown rapidly, acquiring numerous customers and expanding its branch network. The bank’s significant role in the North American financial ecosystem reflects its substantial market share and customer base, which stands at approximately 26 million people across North America.
Leadership Structure at TD Bank
TD Bank is led by a robust leadership team. Bharat Masrani, CEO of TD Bank Group, has been a driving force behind the bank’s success, managing its operations in both Canada and the U.S. Masrani has extensive experience in the banking sector, and his strategic decisions have played a critical role in TD Bank’s growth. Other key figures in TD Bank Group’s executive team include Riaz Ahmed, CFO, and Bob Dorrance, who heads TD Securities and wholesale banking.
In 2021, Leo Salom was appointed President and CEO of TD Bank N.A. He succeeded Greg Braca, who transitioned to the role of Vice Chair at TD Bank N.A., signaling the potential for further leadership shifts within the organization.
The CEO Salary Evolution
In 2020, Bharat Masrani earned a total of $10.4 million, down from $12.6 million in 2019. This decrease was largely due to the impact of the COVID-19 pandemic, which affected the bank’s overall financial performance. The compensation package included a base salary of $1.45 million, cash bonuses of $1.8 million, stock options worth $2.4 million, and share allocations of $4.8 million, with additional compensations amounting to $83,000. Despite the dip, the bank’s resilience led to a strong recovery in 2021.
Salary Increase in 2023
In 2023, TD Bank Group saw a notable recovery from the pandemic’s economic impact, reporting increased profits and business growth. As a result, Masrani’s compensation saw a significant rise. The group achieved a 20% increase in profits in 2021, culminating in a total compensation of $13.4 million for Masrani. His base salary remained steady at $1.5 million, but performance-based incentives, stock options, and performance share units led to a much larger overall package. As of 2023, Masrani’s salary is expected to remain substantial, reflecting the continued success of TD Bank Group.
TD Bank N.A. Operations in the US
TD Bank N.A. serves more than 9.7 million customers in the United States, operating across 15 states and Washington D.C. The bank’s services are diverse, covering personal banking, small business solutions, and commercial banking. With over 1,300 branches, TD Bank N.A. ensures that customers across key states, including Maine, Florida, New York, and Massachusetts, have access to convenient banking options.
The bank’s reputation for providing reliable services has been key to its expansion in the U.S., where it remains a major player in the retail banking space. TD Bank N.A.’s focus on customer satisfaction and innovation in banking services, including mobile and internet banking, continues to drive its success.
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Leo Salom: New CEO of TD Bank N.A.
Appointment in January 2021
Leo Salom assumed the role of President and CEO of TD Bank N.A. in January 2021. His appointment followed a period of leadership transition, during which Greg Braca moved to the position of Vice Chair. Salom’s leadership is seen as a strategic move to guide the bank through the next phase of growth and ensure continued success in an increasingly competitive market.
Salom’s extensive background in banking, particularly in international markets, positioned him as a strong candidate for the role. Prior to joining TD Bank, he served as CEO of Barclays Western European Retail and Commercial Banking group and held leadership positions at Citibank in Europe, Northern Africa, and the Middle East.
Leo Salom’s Background and Experience
Salom brings over three decades of banking experience across two continents. He has worked with global financial institutions such as Citibank and Barclays, where he was instrumental in shaping the company’s retail and commercial banking strategies in Europe. Before joining TD Bank, Salom was the Group Head of Wealth Management and Insurance at TD Bank Group, where he led significant transformations and contributed to the bank’s strategic growth.
Leo Salom’s Compensation
Speculated Salary in 2023
Although Leo Salom’s exact salary details are not publicly disclosed, it is speculated that his total compensation in 2023 was around $5.7 million. This figure includes base cash salary of approximately $2.576 million, equity-based compensation worth $3.115 million, and pension contributions and bonuses of about $89,594. As Salom continues to lead TD Bank N.A. through its next stages of growth, his compensation is expected to increase in line with the bank’s performance.
I’ve included the most recent available salary details:
| Year | CEO | Total Compensation | Base Salary | Cash Bonuses | Stock Options | Performance Share Units | Other Compensation |
|---|---|---|---|---|---|---|---|
| 2020 | Bharat Masrani | $10.4 million | $1.45 million | $1.8 million | $2.4 million | $4.8 million | $83,000 |
| 2021 | Bharat Masrani | $13.4 million | $1.5 million | $2.4 million | $3.1 million | $6.4 million | – |
| 2022 | Bharat Masrani | – | – | – | – | – | – |
| 2023 | Bharat Masrani | Approx. $15 million* | $1.5 million | $2.5 million | $3.5 million | $7.5 million | – |
| 2023 | Leo Salom (Est.) | $5.7 million | $2.576 million | $0.5 million | $3.115 million | – | $89,594 |
The TD Bank Group’s Financial Health
2023 Performance: Continued Growth Post-Pandemic
In 2023, TD Bank Group continued to show signs of growth following the global economic challenges of the pandemic. The bank’s financial recovery has been driven by strong performances in retail and wholesale banking. TD Bank Group’s profits in 2023 saw a steady increase, further solidifying its position as a leading financial institution in North America.
This strong performance has had a direct impact on executive compensation, with both Bharat Masrani and Leo Salom seeing notable increases in their pay packages.
TD Bank’s Market Position and Prospects
Looking ahead, TD Bank N.A. is well-positioned to maintain its status as one of the largest and most influential banks in the U.S. As it continues to focus on customer satisfaction, digital banking innovation, and market expansion, the bank’s leadership will play a crucial role in its future success. The expected increase in executive compensation is a reflection of the company’s growth trajectory and market position.
Conclusion
TD Bank N.A. has made significant strides in the U.S. banking market, and its leadership, especially under CEO Leo Salom, is likely to continue driving the company toward greater success. As the bank progresses into 2025, we can expect further developments in CEO compensation and business strategy, particularly as the global banking landscape evolves.
The future of TD Bank N.A. and its leadership remains promising, with continued growth, strong performance, and strategic leadership at the helm.
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1. Who is the current CEO of TD Bank N.A.?
The current CEO of TD Bank N.A. is Leo Salom, who took over the position in January 2021. He succeeded Greg Braca, who became Vice Chair of TD Bank N.A. Salom has more than 30 years of experience in the banking sector, having previously worked at Barclays and Citibank, before joining TD Bank.
2. What is the salary of the TD Bank CEO in 2023?
In 2023, Leo Salom’s estimated total compensation was approximately $5.7 million. This includes a base salary of around $2.576 million, equity-based compensation worth $3.115 million, and other incentives such as pension contributions and bonuses.
3. How does TD Bank’s CEO compensation compare to other major banks in the U.S.?
TD Bank’s CEO compensation is competitive compared to other major U.S. banks. While the exact figures for other banks may vary, CEOs of top U.S. banks like JPMorgan Chase, Bank of America, and Wells Fargo typically earn similar compensation packages, often exceeding $10 million, with a significant portion tied to performance-based bonuses and stock options.
4. How is TD Bank CEO compensation structured?
TD Bank’s CEO compensation typically includes a combination of base salary, performance-based cash bonuses, stock options, performance share units (PSUs), and other compensations like pension contributions. The exact breakdown varies year by year based on the bank’s financial performance and the CEO’s leadership.
5. Why did Bharat Masrani’s salary decrease in 2020?
In 2020, Bharat Masrani, the CEO of TD Bank Group, saw a decrease in his total compensation to $10.4 million, down from $12.6 million in 2019. This was mainly due to the financial impact of the COVID-19 pandemic, which led to a decline in profits for many financial institutions, including TD Bank. However, he still received significant compensation, including performance-based stock options and bonuses.