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He sold after their last quarter, based on problems with their US credit side with higher loan losses. They just completed a bank acquisition in recent years. They wonder if they have a handle on their new businesses. An analyst downgraded before the latest results, which are worse than expected. This will be in the penalty box for a couple of 2-3 quarters. Won't buy the dips. He bought TD instead.
He recently sold BMO to buy this. Last week, TD offered a lot of clarity by warning of potential losses from the their US money-laundering issue.
It'll have a long turnaround, but it's the cheapest Canadian bank with great Canadian operations.
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