Two years later, Masrani relocated to Mumbai, India where he set up TD's first office in that country.
[11] Masrani returned to Toronto in 2003 as Vice Chair and Chief Risk Officer of TD Bank Group.
[14] When President and CEO W. Edmund Clark announced his upcoming retirement, this led to a succession planning contest between Masrani, Mike Pedersen (Group Head of Wealth, Insurance, and Corporate Office), and Tim Hockey (Group Head of Canadian Personal and Commercial Banking, as President and CEO of TD Canada Trust).
[15] In 2023, he took a pay cut due to U.S. regulatory issues and the bank's termination of its First Horizon acquisition.
[17] A statement from TD Bank claimed, "We have taken full responsibility for the failures of our U.S. AML program and are making the investments, changes and enhancements required to deliver on our commitments.
[19] It was announced on January 17, 2025 that his retirement plans will be accelerated to take place on February 1st, 2025, with Raymond Chun being appointed to Group President and Chief Executive Officer (CEO) that day.