Finance
TD Takes $2.6 Billion Hit on US Probe, Sells Schwab Shares
- Bank sees ‘global resolution’ of laundering probes by year-end
- Company sells portion of Schwab stake to fund expected fines
Toronto-Dominion bank said in April that it had booked an initial provision of $450 million in connection with the anti-money laundering investigations.
Photographer: Della Rollins/BloombergThis article is for subscribers only.
Toronto-Dominion Bank is setting aside $2.6 billion to cover fines it expects to pay for failures in its money-laundering controls, and the company sold part of its stake in Charles Schwab Corp. to fund it.
Including a $450 million provision announced in April, the lender now estimates it will pay $3 billion related to its US compliance lapses.