On September 19, GlobeLink reported that TD Bank, which is under investigation by the Department of Justice and financial regulatory institutions for its lack of money laundering controls in its US branches, announced that CEO Bharat Masrani will retire in April next year and will be replaced by Raymond Chun. The second-largest bank in Canada stated in a statement on Thursday that Chun will join the board of directors on November 1 and serve as Chief Operating Officer. He will officially assume the position of CEO on April 10. Currently, Chun is in charge of the bank's Canadian retail business. Masrani has been with TD Bank for decades and was promoted to CEO in 2014. However, a series of events, such as the failed acquisition of First Horizon, a US regional bank, a money laundering investigation, and a decline in stock price, overshadowed his term.