Danske Bank has agreed to pay the equivalent of $7 million in a settlement with French authorities over its failure to stop money-laundering at its former branch in Estonia.The settlement: Danske Bank,

After a decade at the helm of one of Canada’s largest banks, Bharat Masrani announced his retirement on Thursday, paving the way for his successor, Raymond Chun, in April 2025. Masrani shouldered the blame for a money-laundering scandal in the U.S. that has plagued the company for the past year, causing the bank’s stock to dip from its 2022 high.

Denmark's Danske Bank said on Wednesday it had reached an agreement with French authorities that in 2019 launched a probe into suspected money laundering by the bank in Estonia.

Masrani plans to retire in 2025 after 38 years with the Canadian lender and more than a decade as CEO.

TD Bank Group shares rose Thursday amid news that CEO Bharat Masrani is planning to retire next spring after a decade in the top office at the Canadian firm.