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Canada's TD Bank Appoints Michelle Myers as Global Chief Auditor Amid Regulatory Challenges

TD Bank has appointed Michelle Myers as its new global chief auditor following a $3 billion fine by U.S. regulators. The bank faces ongoing regulatory challenges and leadership transitions.

Canada's TD Bank has announced the appointment of Michelle Myers as its new global chief auditor, effective December 9. This decision comes in the wake of significant regulatory challenges faced by the bank, including a $3 billion fine imposed by U.S. regulators for violations related to anti-money laundering laws. Myers, who joined TD in 2022, will succeed Anita O'Dell, who is retiring but will remain in an advisory role until May 31. O'Dell has been with TD since 2010, serving in various auditing roles.

Myers brings extensive experience from her previous role as senior vice president, controller, and chief accountant at TD, and over a decade at KPMG. Alongside Myers, Keith Lam has been named acting U.S. chief auditor, reporting to Myers and the U.S. audit committees. This leadership change is part of a broader transition at TD, with CEO Bharat Masrani set to retire next year, to be succeeded by Ray Chun, head of the Canadian banking unit.

The bank's recent regulatory issues have led to a cautious outlook from analysts. Ebrahim Poonawala of Bank of America Securities reiterated a Hold rating on TD's stock, citing the bank's underperformance and the need for strategic shifts. The internal appointments to key positions have raised concerns about the bank's ability to implement necessary changes swiftly. Despite these challenges, TD remains a major player in North America's banking sector, serving over 26 million customers through its various segments.

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