While U.S. banks have their problems, running one offers a great proving ground to take over a major Canadian financial company.

That appears to be the thinking at Toronto-Dominion Bank (TD), which on Wednesday said U.S. chief executive Bharat Masrani would be its next leader. Masrani, who has overseen the Canadian bank's U.S. operations for about six years, still has a while to wait for his promotion; he will become CEO in November 2014, when current boss Ed Clark retires.

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