TD Shares Sag on Regulatory Fears About First Horizon Takeover
- RBC, Bank of Montreal shares outperform TD’s stock this year
- Elizabeth Warren wants TD’s First Horizon acquisition blocked
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Toronto-Dominion Bank’s shares are underperforming those of two main Canadian peers that also have big US presences as doubts mount that the lender will be able to complete its takeover of First Horizon Corp.
While investors have been rewarding Canadian lenders that have access to US clients -- potentially providing a stronger defense against a looming recession -- Toronto-Dominion has trailed behind Royal Bank of Canada and Bank of Montreal despite being one of the 10 largest American retail lenders.