The Globe and Mail reports in its Wednesday edition that TD Bank will award its head of U.S. retail banking Leo Salom a $2-million retention bonus in recognition of his role overseeing the efforts to fix the lender's anti-money-laundering failings (all figures U.S.). The Globe's Stefanie Marotta and David Milstead write that in October, TD became the first bank in the U.S. to plead guilty to conspiracy to commit money laundering, and regulators and the Department of Justice levied severe penalties and requirements to remediate its compliance and risk-control gaps. In the fallout, TD swept clean its board and slashed its executive compensation. Excluding the $2-million bonus, Mr. Salom's total 2024 compensation of $5.09-million was nearly 21 per cent below his 2023 pay. Despite the pay cut, TD also gave the U.S. retail head the one-time bonus in recognition of "the critical role that Mr. Salom will continue to play in the remediation of the bank's U.S. AML program," the bank says in its proxy circular to shareholders. The shares will vest, or become sellable by Mr. Salom, if the company meets anti-money-laundering remediation conditions and milestones. Mr. Salom became the head of the U.S. division in January, 2022.