The American TD Bank CEO salary is one that many people seem to be interested in. Being amongst the biggest and best 10 banks in the US and one of the finest exports of the Canadian financial system, TD Bank is expected to pay Leovigildo “Leo” Salom, the CEO of TD Bank N.A. well to reflect its status and his wealth of experience in the banking industry.
For the records, TD Bank N.A. is the official trade name of the Canadian Bank American subsidiary operating in fifteen (15) US states and Washington D.C, the Capital. TD Bank N.A., with headquarters in Cherry Hill, New Jersey, is a federally chartered bank which explains why it goes with the suffix “N.A.” The bank occupies a pivotal position in the US banking industry and currently stands as the 7th largest by deposits and the 11th by total assets resulting from mergers and acquisitions over the years.
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TD Bank N.A. has a Canadian-based parent company led by Bharat Masrani
Not many know that TD Bank originated across the Northern border. TD Bank stands for Toronto-Dominion Bank, one of the largest Canadian Banks based in Toronto, Canada. Together with its subsidiaries, TD Bank is known as TD Bank Group and operates across Canada and the US (at least for now). The bank ranks well as the 6th largest bank in North America. As of 31st October 2020, TD Bank Group has an estimated asset worth of CDN $1.7 trillion which is expected to have grown more than that. The bank also remains one of the world’s leading financial institutions in terms of online services. It has more than 14 million users who are actively using its mobile and internet banking. Just recently, the banking group made the 2022 S&P Global Sustainability Yearbook where it was given the “S&P Global Silver Class” to demonstrate its commitment to transparency and Environmental, Social, and Governance (ESG) progress. The bank is the sole recipient of this recognition in the whole of North America.
TD Bank Group serves over 26 million people in North America. In Canada, ‘TD’ as it is popularly called, operates in almost all parts of retail finance and Wholesale banking services. Its business areas and subsidiaries in Canada include TD Canada Trust, TD Securities, TD Wealth (Canada), TD Auto Finance Canada, TD Insurance, and TD Direct Investing. The parent body also has a sizeable investment in The Charles Schwab Corporation.
The parent company in Canada is led by its CEO Bharat Masrani, an experienced industry professional that has been in the industry for decades. Other notable top management executives of the group are Riaz Ahmed, the group CFO, and Bob Dorrance, the group head, wholesale banking, and chairman/CEO and president of TD Securities Canada. This team has led the bank through tough financial situations with the COVID-19 era being the most recent one. However, the bank experienced an improved performance in 2021 which was a recovery year for most Canadian banks. This led to an increase in the TD Bank CEO salary.
Masrani earned $10.4 million in 2020 which was down from the $12.6 million he earned in 2019. The banking group fell 14% short of its expected income for the year as it got a net income of $9.7 billion. Subsequently, the group’s business performance factor was pegged at -12.7%. Masrani’s pay for 2020 consisted of $1.45 million in base salary, $1.8 million in cash bonuses, $2.4 million in options-based awards, $4.8 million in share allocations, and $83,000 in compensations.
The recovery of 2021 brought with it an increase for Mr. Masrani as he received a 20% increase in his salary. This was also because the group experienced a 20% growth in its profit in 2021 and ended the year with $14.3 billion in profits. The new TD Bank CEO salary was then fixed at $13.4 million in total direct compensation for the year. His base salary was $1.5 million, stock options worth $3.1 million, $6.4 million in performance share units, and cash incentives of $2.4 million.
TD Bank N.A. operates in Washington D.C. and 15 US States
The American subsidiary, TD Bank N.A., is known as America’s Most Convenient Bank®. According to bankrate.com, this bank is the 9th largest bank in the US with an asset value worth over $423.65 billion. Just like the parent company, TD Bank N.A. operates in the US retail, small business, and commercial banking business. Most prominent of its subsidiaries include TD Wealth US and TD Auto Finance US. It serves over 9.7 million loyal customers across the Mid-Atlantic, the Northeast, Washington D.C., Florida, and the two Carolinas. In no particular order, the states TD Bank N.A. operates in are Maine, Florida, Connecticut, Maryland, New Hampshire, New York, Rhode Island, Pennsylvania, North Carolina, South Carolina, Vermont, Virginia, Massachusetts, New Jersey, Delaware, and Washington D.C.
The bank is 170 years old having started as Portland Savings Bank later becoming Banknorth before TD Group of Canada came on board in 2004 as the majority shareholder. The group then renamed it to TD Banknorth N.A. but later dropped it for its recent name having merged the bank with Commerce Bank in 2008. TD Bank N.A. runs about 1,315 branches in brick-and-mortar across different states and offers a plethora of financial services. TD Bank N.A. employs more than 26,000 to serve its growing customer base. The TD Bank CEO salary and tenure at the top job of course depends a lot on customers’ satisfaction.
Leo Salom became the President and CEO of TD Bank N.A. in January 2021
Leo Salom took over the leadership of TD Bank N.A., the American arm of the Canadian banking group in January 2021. This development was announced as far back as October 2021 in what appeared to be a period of massive leadership shakeup in the American banking industry. Many competitors in the banking industry rejigged their leadership. TD Bank N.A. was not left out.
Leo took over from Greg Braca who is now the Vice Chair of TD Bank N.A. This new position was created for him. There are rumors that Braca is been prepared for the top job as TD Group CEO after Bharat Masrani who is now 65 and has been at the helm of affairs since 2014. Bharat is to retire at the end of 2023. Another person who is likely to succeed Masrani is Teri Currie, the former group head of personal banking at the corporation. Greg Braca is to work with Salom to drive business development using his connections.
Salom comes with over 30 years of experience in banking across 2 different continents. Before joining TD Bank N.A., he was the CEO of Barclays Western European Retail and Commercial Banking group. He also served Citibank as the chief helmsman in charge of Europe, Northern Africa, and the Middle East. His most recent role before ascension to the position of CEO was group head, Wealth Management, and Insurance at TD Bank Group. He achieved tremendous successes during his stay hence the elevation.
Leo Salom’s compensation is not yet known to the public. But there are speculations that he was handed the general TD Bank CEO salary of $5.7 million. The pay consists of $2.576 million in total cash, $3.115 million in equity, and pensions and pensions and bonuses to the tune of $89,594. This amount is sure to increase as Salom grows in his roles and delivers as expected.
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