The Globe and Mail reports in its Wednesday edition that TD Bank chief executive officer Bharat Masrani took a $1-million cut to his bonus pay in 2023 in response to a terminated takeover deal and the bank's continuing troubles with U.S. regulators. The Globe's Stefanie Marotta writes that Mr. Masrani was one of several bank CEOs to see their compensation fall in 2023, as TD and Canada's four other largest lenders missed their profit targets. While the whole industry has grappled with the rising risk of loan defaults and climbing expenses weighing on profits, TD also failed to close its takeover of Tennessee-based First Horizon Corp., which would have accelerated the bank's U.S. expansion. On top of that, it faces looming monetary and non-monetary penalties from U.S. authorities after a probe into gaps in its anti-money-laundering procedures. After some kind words about their CEO in its proxy circular, the board added, "However, in acknowledgement of the termination of the First Horizon transaction and certain U.S. regulatory issues, the CEO recommended, and the board approved, the $1 million reduction in compensation." Mr. Masrani's total compensation fell 11 per cent in the past fiscal year to $13.38-million.