But Chun looks to the future after underlining the bank's 'decisive' response
TD Bank Group president and CEO Raymond Chun outlined the bank’s strategic priorities during his inaugural address after a year of operational challenges and record performance in key business areas.
Chun, who assumed the role in late 2024, acknowledged regulatory issues in the bank’s US operations, calling the failures in anti-money laundering controls “unacceptable.” He noted that the resulting asset cap on TD’s US retail business had serious consequences for the bank and its shareholders.
“Our response has been decisive,” Chun said, referencing a comprehensive plan to address deficiencies across operations, including investments in new processes, experienced personnel, and advanced technology. “This is our most important priority. And my top priority as CEO.”
TD reports record revenue as securities arm reaches milestone
Despite these setbacks, TD reported earnings of $14.2 billion in 2024 and record revenue across its Canadian personal and commercial banking divisions in early 2025. Chun emphasized TD’s strength in the domestic market, pointing to the bank’s dominant retail footprint and innovations such as TD Mortgage Direct and fractional share ownership through TD Direct Investing.
“We serve almost 28 million clients across Canada, the United States, and increasingly around the world,” Chun said. “TD remains – without question – Canada’s premier retail bank.”
The bank also marked milestones in wealth and investment services. TD Direct Investing was again recognized as Canada’s top digital brokerage, while TD Securities reached $2 billion in quarterly revenue for the first time following the integration of TD Cowen. The investment arm also played a key role in the high-profile Schwab equity transaction.
Chun confirmed the bank’s decision to divest its stake in Charles Schwab, unlocking $15 billion in capital. Over half of that amount will go toward repurchasing up to 100 million TD shares, returning approximately $8 billion to shareholders.
As part of an ongoing strategic review, Chun said TD is restructuring its US balance sheet and repositioning for growth by simplifying operations and accelerating digital-first initiatives, including the use of artificial intelligence.
Economic outlook and emerging opportunities
While noting the uncertain economic environment, Chun expressed optimism in Canada’s long-term potential, calling for public-private collaboration to spur investment and boost productivity.
In 2024, TD contributed nearly $170 million to community initiatives, including $115 million in Canada, and continued to support clients through $146 billion in sustainability financing.
“TD’s strength is critical in this moment — for our bank and for the millions who rely on us,” Chun said, pledging continued investment in talent, innovation, and community impact.
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