Raymond Chun will take over the top job from Bharat Masrani on Feb. 1, rather than the previously announced April 10 transition date, TD announced. (The Logic)

Talking point: Six directors are leaving the bank’s board; five will step down in April, while chair Alan MacGibbon will retire as director at the end of 2025. The bank also slashed a total of $30 million in bonuses for 41 executives, including some who have already departed, “to reflect the seriousness” of its U.S. anti-money laundering failures. The overhaul follows TD’s guilty plea in October, which resulted in a US$3-billion penalty and an asset cap restricting its U.S. retail division from issuing new loans. In December, TD announced a strategic review and paused its medium-term financial targets, calling 2025 a “transition year.”