Post by
TheBridge on Sep 26, 2024 6:01pm
Current Position
In a Reuters article, "TD Bank Names New Co-Heads of U.S. Commerial Banking posted in today's G & M. it summarizes some of steps being taken now after the mis-steps that preceded. Today, TD Bank named Andy Begenzer and Jill Gateman as co-heads of it U.S. commericial banking business. The appointments come as Canada's second-biggest lender shakes up its top management in preparation for expected U.S. fines stemming from regulatory scrutinyof its anti-money laundering proctocols.
Last week, TD announced CEO Bharat Masrani will leave the bank next year and hand over the top job to Ray Chun, the head of its Canadian banking unit.
The bank reported its first loss in decades in August after earmarking $2.6 billion to cover the potentially hefty penalties.
So those new shareholders and those adding shares have a potential opportunity to make some nice gains, over some period of time on shares purchased in the $70 range. But long time shareholders like myself, we suffer the full consequences of the huge and costly money laundering mistake. Those shares today would likely be at least at the $105 range, $20 more than the current share price and now it may take another year or two before the $105 range is reached.
IMO, the message that I got here was that a weak Board of Directors was able to conduct the necessary scrutiny to avoid the costly mistakes made by TD management. Just points to the importance of having some independent Directors instead of all Bank recommended directors.
A very costly mistake for some of us.