M&T Bank named USAA veteran Neeraj Singh its next chief risk officer, effective Friday.
Singh was named Tuesday as current CRO Mike Todaro’s successor. Todaro recently announced he was retiring from his nearly 30-year career at M&T, according to the bank.
Singh joins the bank with more than 20 years of financial-sector experience, most of which focused on risk management, according to his LinkedIn. Prior to the four years he spent as USAA’s CRO, he was CRO of Citi’s U.S. consumer bank for roughly four years and CRO of TD’s enterprise consumer risk, models and capital assessment for over five years. He also previously held risk management positions at Barclays.
“Neeraj's extensive experience and deep understanding of risk management will be instrumental as we continue to develop and scale our capability to manage risk in support of our continued growth,” M&T CEO René Jones said in a prepared statement. “We are confident that he will play a key role in delivering on our commitment to the customers and communities we serve.”
As CRO, Singh will become a member of M&T's executive leadership team and will relocate from San Antonio, Texas, to M&T headquarters in Buffalo, New York.
“I am very impressed with M&T’s mission and strong focus on serving the communities where it operates,” Singh said in a prepared statement. “I am honored to join the bank and look forward to working with the talented team to further enhance the bank's risk management capabilities.”
Singh said in a LinkedIn post that he was “grateful” for his experience at USAA and wished “USAA the best as they continue to advance the mission of serving those who serve.”
Todaro, who joined M&T in 1995, according to LinkedIn, has been a “pivotal figure in M&T's growth and success,” the bank said.
Since becoming CRO in 2021, he “significantly enhanced and scaled M&T's risk management capabilities” and cultivated talent within the division, the bank said. He previously led M&T’s mortgage and consumer lending businesses and served as its first head of enterprise transformation.
Singh is M&T’s second C-suite hire in 2025, following Krista Phillips as its chief customer officer earlier this month. Phillips joined M&T from Wells Fargo, and is the bank’s first-ever CCO.
Singh’s hire marks at least the second change this year made by a major regional bank at the CRO position. Cleveland-based KeyBank hired Truist’s onetime deputy chief risk officer, Mo Ramani, to serve as its next CRO, starting last week.
