Canada's TD Bank Group said on Friday CEO-designate Raymond Chun will take charge on Feb. 1, more than two months earlier than initially planned, and that it slashed outgoing CEO Bharat Masrani's annual salary by 89%.

TD, whose U.S. operations are based in Cherry Hill, is cutting the pay of 41 executives following massive penalties related to issues with its U.S. anti-money laundering controls.

TD Bank Group is speeding up its plan to install Raymond Chun as chief executive and cutting the bonuses of more than 40 executives as it continues to deal with the fallout of its anti-money laundering failures in the United States.

TD Bank warned of a challenging 2025 and suspended its medium-term earnings forecast as it works through its anti-money laundering remediation program.

Toronto-Dominion Bank moved up the start date for its new chief executive officer, Raymond Chun, by two months and slashed executives’ pay in the wake of its historic and costly money-laundering scandal.