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Toronto-Dominion Bank T.TD

Alternate Symbol(s):  TD | TDBCP | T.TD.PF.A | TDOPF | T.TD.PF.C | TDBKF | T.TD.PF.D | TDOMF | T.TD.PF.E | T.TD.PF.I | T.TD.PF.J

The Toronto-Dominion Bank (the Bank) operates as a bank in North America. The Bank's segments include Canadian Personal and Commercial Banking, which provides financial products and services to personal, small business and commercial customers, and includes TD Auto Finance Canada; U.S. Retail segment, which is comprised of personal and business banking in the United States, operating under the brand TD Bank; Wealth Management and Insurance segment includes the Canadian wealth business which provides investment products and services to institutional and retail investors, and the insurance business which provides property and casualty insurance, as well as life and health insurance products to customers across Canada, and Wholesale Banking segment provides a range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures.


TSX:TD - Post by User

Post by Dibah420on Oct 10, 2024 9:31am
139 Views
Post# 36260688

Stink bid time?

Stink bid time?
Market Chatter: TD Bank Faces US$3 Billion in Penalties and Growth Restrictions in U.S. Settlement
MT Newswires - Oct 09, 2024 8:30 PM EDT

08:30 PM EDT, 10/09/2024 (MT Newswires) -- TD Bank is expected to pay about US$3 billion in penalties and accept limits on its growth in the U.S. as part of a settlement with regulators and prosecutors over charges it failed to properly monitor money laundering by drug cartels, The Wall Street Journal was reporting Wednesday night.

 

As part of the agreement, the bank's primary U.S. regulator, the Office of the Comptroller of the Currency, is expected to impose an asset cap barring the bank from growing above a certain level in the U.S., according to people familiar with the matter.

 

TD's U.S. entity intends to plead guilty to criminal charges to resolve a Justice Department investigation, The Wall Street Journal reported last month. Both the Justice Department and the Treasury's Financial Crimes Enforcement Network are planning to put independent monitors in place to watch the bank closely and ensure compliance with the pacts, the people said. The FinCEN monitor is expected to be in place for four years, one of the people said.

 

The settlement, which may be announced as soon as Thursday, will include the Justice Department, FinCEN, the OCC and the Federal Reserve, the people said. Justice will receive the biggest slice of the penalties, some $1.8 billion, with FinCEN getting $1.3 billion, the people said.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)


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