Bharat Masrani

Early life

Born in Uganda, Masrani is of Indian and Gujarati descent and was raised Hindu. In 1972, his family fled Uganda and immigrated to Canada.

Education

Masrani graduated from York University in 1978 with a Bachelor’s Degree in Administrative Studies. He received his Master’s of Business Administration from York’s Schulich School of Business in 1979. Masrani received an Honorary Degree from the Schulich School of Business in 2017 and an Honorary Doctorate from Mount Allison University in Sackville, New Brunswick in 2018.

Career

Masrani began his banking career as a commercial lending trainee at TD in 1987. Over the ensuing 30 years, he steadily rose the corporate ladder, holding many Senior Executive positions across the bank and worked in four different countries. In 1993, he was named Head of Corporate Banking in Canada. In 1995, he moved to Mumbai, India, to set up TD’s first office in that country. In 1999, he moved to London, becoming Senior Vice President. In 2003, Mumbai returned to Toronto to serve as Vice-Chair and Chief Risk Officer of TD Bank Group. In 2006, when TD expanded into the United States with its acquisition of Banknorth, Masrani moved to Portland, Oregon, to serve as President of TD Banknorth. In 2007, Mumbai was named President and Chief Executive Officer of TD Banknorth. In 2008, when TD acquired Commerce Bancorp and integrated TD Banknorth to become TD Bank, N.A., Masrani became group head, U.S personal and commercial banking and CEO of TD Bank, N.A. In July 2013, Masrani was named Chief Operating Officer and CEO-designate of TD. He became President and CEO of TD on November 1, 2014, when the former president and CEO, W. Edmund Clark, retired.

Net Worth

As group President, Chief Executive Officer and non-independent Director of TD Bank, Masrani’s total compensation is $12,636,600. Masrani has an estimated net worth of $126 million.

Achievement

TD has cut costs and improved its operations under Masrani’s leadership. As a result, the bank’s stock has trended upwards, garnering positive buy recommendations from analysts.