A TD Bank branch at the corner of King St W and Bay St in Toronto’s financial district on Sept 24.Fred Lum/The Globe and Mail
Canada’s Toronto-Dominion Bank TD-T on Thursday named Andy Bregenzer and Jill Gateman as co-heads of its U.S. commercial banking business, replacing Chris Giamo, who retired earlier this year.
The appointments come as Canada’s second-biggest lender shakes up its top management in preparation for expected U.S. fines stemming from regulatory scrutiny of its anti-money laundering protocols.
Last week, TD announced chief executive Bharat Masrani will leave the bank next year and hand over the top job to Ray Chun, the head of its Canadian banking unit.
The bank reported its first loss in decades in August after earmarking US$2.6-billion to cover the potentially hefty penalties.
The U.S. regulatory probes relate to allegations that Chinese drug traffickers used the bank to launder at least US$650-million from 2016 through 2021, and an employee took a bribe to facilitate laundering of drug money.
These regulatory probes come on the heels of TD Bank’s termination of its US$13.4-billion acquisition of Tennessee-based First Horizon in May, 2023, a deal that would have significantly expanded its network in the southwestern United States.
Mr. Bregenzer, a nearly 30-year industry veteran, has been with TD for two decades. In his new role, he will focus on the regional commercial banks, including small businesses, in the U.S.
Ms. Gateman will lead TD’s national commercial banking effort in the country and continue to partner with TD Securities and TD Cowen to deliver advisory and investment banking services to its commercial banking clients.
Ms. Gateman joined the Canadian lender in 2023 to lead its middle-market, asset-based and sponsor-backed finance business segments.