TD Bank hires JP Morgan executive Jon Rasmussen as head of US compliance

By Nivedita Balu

TORONTO (Reuters) -TD Bank has named JP Morgan veteran Jon Rasmussen as its U.S. chief compliance officer, according to a memo seen by Reuters on Monday.

The latest change is part of a broader rejig at the bank’s financial crime and risk management team following the lender’s historic $3 billion penalty by U.S. regulators after it pleaded guilty to conspiracy to commit money laundering among other charges.

The bank’s U.S division, for years seen as a growth market, is also facing a US regulatory cap on its assets and is required to report to an independent monitor that observes its operations, track progress on risk and controls, and reports to regulators.

A JP Morgan executive for the past three decades, Rasmussen in his most recent role served as JP Morgan’s chief compliance officer for the consumer and banking division, responsible for the bank’s compliance program.

Rasmussen will join TD in December and will report to U.S. Chief Risk Officer Paul Beltrame and the bank’s Chief Compliance Officer Erin Morrow, the memo said.

TD Bank did not immediately respond to a request for comment.

(Reporting by Nivedita Balu in Toronto)