BUZZ-Canada's TD Bank rises after accelerating CEO transition
Shares of Canadian lender TD Bank TD.TO rise 3% to C$81.99
TD says CEO-designate Raymond Chun would take charge on Feb. 1, over two months earlier than initially planned
Bank also slashed outgoing CEO Bharat Masrani's annual salary by 89%, while refreshing its board with new faces
TD last month warned of a challenging 2025 and suspended its medium-term earnings forecast
Last year, the bank became the largest lender in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering and agreed to pay $3 bln in penalties
TD has a market capitalization of C$143.5 bln ($99.62 bln), vs C$245.5 bln for Royal Bank of Canada RY.TO, according to data compiled by LSEG
Jefferies analyst John Aiken says Chun getting the keys to the bank sooner and the injection of fresh blood into the board is a positive step
Announcement infers that TD's remediation path will remain a big push and could spell some relief for investors, Aiken says
TD stock slipped 10.6% in 2024
($1 = 1.4405 Canadian dollars)
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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