L'intérêt à découvert pour Toronto-Dominion Bank donne aux investisseurs une idée du degré auquel les investisseurs parient sur la baisse de l'action de Toronto-Dominion Bank. Les données sur l'intérêt à découvert sont mises à jour toutes les deux semaines.

Toronto-Dominion Bank (NYSE:TD) Stock, Rapport sur les intérêts à découvert

Toronto-Dominion Bank

Toronto-Dominion is one of Canada's two largest banks and operates three business segments: Canadian retail banking, US retail banking, and wholesale banking. The bank's US operations span from Maine to Florida, with a strong presence in the Northeast. It also has a 13% ownership stake in Charles Schwab.

The Toronto-Dominion Bank

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News

TD Bank Expects Catastrophe Claims Of $388M After Reinsurance And Before Tax To Be Reflected In Wealth Management & Insurance Segment's Q4 Results

The most critical earnings set for investors to look over and digest this season have just come out, and those are the results of the financial sector, particularly from banking stocks. However, investors need to understand that there are two types of banks to watch over this season: commercial banks and investment banks. The former covers the business cycle, while the latter covers the consumer cycle.
Investors would be surprised to learn that shares of Citigroup Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) are down by over 5% the day after the bank reported its latest quarterly earnings results. The reason for the stock&#39;s decline, however, has little to do with Citigroup&#39;s actual revenues and fees and more with an industry metric and regulatory speculations.
This doesn&#39;t clear Citigroup out of trouble; otherwise, bullish traders and investors would have come running to the stock once the discount became apparent enough for everyone to close the gap and bring it back to its reasonably perceived price before the selloff took place. Investors can see the bearish momentum building up further in two simple metrics for Citigroup stock as a potential warning for the rest of the industry.
<h2>Citigroup Becomes the Latest Victim of a Worsening Consumer Sector</h2>
Credit losses and delinquency rates are on the rise. This trend has been accelerating since a couple of quarters ago, showing investors why consumer discretionary stocks like Nike Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) and Lululemon Athletica Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lulu#NASDAQ">LULU</a>) both trade significantly below their 52-week high prices.
For Citigroup, this trend came in the form of a $2.7 billion credit loss, which management directly quotes as being accredited to credit losses in their card business. This is not a Citigroup-specific issue but rather an industry-wide issue, considering that peers like Bank of America Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) have also reported similar deteriorations in their credit card business.
Even corporate banks like Goldman Sachs Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) have decided to stay out of the consumer segment by ditching their consumer products initiative, particularly with Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and their credit card collaborations. Going back to Citigroup, investors can notice the rise in 90-day delinquencies for their cards.
Now at 1.5%, compared to the 1.3% from 12 years ago, 90-day delinquencies show concern for the rest of the banks and stocks involved with the health of the U.S. consumer. This is not enough to send the stock lower by 5%, however, but the following factor is.
<h2>Citigroup Stock Selloff: Regulatory Speculation and Faltering Profits Behind the Decline</h2>
Citigroup&#39;s CEO, Jane Fraser, had to defend herself against accusations and speculations from analysts during the earnings call, all centered on the thought that Citigroup might suffer from what&#39;s known as an &quot;asset cap.&quot; Recently, another bank was deemed guilty enough of wrongdoing to have an asset cap placed on it.
Shares of Toronto-Dominion Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/td#NYSE">TD</a>) are down over 13.5% from their 52-week high after the bank was accused of money laundering. While that has nothing to do with Citigroup, analysts are rightfully concerned about the possibility of these issues spilling over to other bank names.
These fears were sparked by the falling profitability at Citigroup, specifically with one of the industry&#39;s most important metrics. The bank&#39;s return on tangible common equity (ROTCE) fell to a low of 7%, which alarmed investors, considering most peers delivered a near-double rate of return.
Bank of America, for example, reported a much higher ROTCE of 12.8% on the same day. This creates concerns about Citigroup&#39;s management&#39;s ability to effectively invest the bank&#39;s capital to deliver industry-attractive rates of return, severely compressing Citigroup&#39;s future potential earnings per share (EPS).
A 7% decline in Citigroup&#39;s EPS attracted further bearish sentiment and momentum for the stock. Starting with short sellers, the bank&#39;s short interest has been on the rise over the past quarter, from $1.5 billion to over $2.2 billion this quarter.
Broader markets agree with Citigroup stock&#39;s further potential downside, as investors can gauge through current valuation multiples compared to the rest of the finance sector. Specifically, investors can look at Citigroup&#39;s 18.5x price-to-earnings (P/E) ratio as a major discount to the finance sector&#39;s average valuation of 49.5x today.
Markets typically discount a stock when they expect lower growth or lower prices ahead, which makes sense after Citigroup&#39;s fall behind its peers in some of the important profitability metrics and price action.
The article &quot;<a href="https://www.marketbeat.com/originals/citigroup-faces-growing-troubles-could-the-industry-be-at-risk/">Citigroup Faces Growing Troubles: Could the Industry Be at Risk?</a>&quot; first appeared on MarketBeat.

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Citigroup Faces Growing Troubles: Could the Industry Be at Risk?

TD Bank Group (the "Bank") announced today that it expects The Charles Schwab Corporation's ("Schwab") third quarter earnings to translate into approximately CDN&nbsp;$178 million&nbsp;of reported equity in net income of an investment in Schwab for the Bank's fiscal 2024 fourth quarter. Excluding acquisition-related charges of approximately CDN&nbsp;$2 million after-tax and amortization of acquired intangibles of approximately CDN $27 million after-tax, adjusted equity in net income of an investment in Schwab will be approximately CDN $207 million.
On August 21, 2024, the Bank announced that it had sold 40.5 million shares of common stock of Schwab, which reduced the Bank's ownership interest in Schwab from 12.3% to 10.1%.
TD Bank Group will release its fourth quarter financial results and host an earnings conference call on December 5, 2024. Conference call and audio webcast details will be announced closer to that date.

SCHW

TD Bank Expects C$178M Gain From Schwab Investment In Q3, Lowers Stake To 10.1% From 12.3%

RBC Capital analyst Darko Mihelic downgrades Toronto-Dominion Bank (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TD#TSX">TD</a>) from Outperform to Sector Perform and lowers the price target from C$88 to C$82.

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RBC Capital Downgrades Toronto-Dominion Bank to Sector Perform, Lowers Price Target to C$82

The stock of U.S.-listed&nbsp;Chinese&nbsp;companies gave up gains last week due to weakness. Chinese planning officials reportedly fell short of&nbsp;investor stimulus expectations, resulting in a dip after <a target="_blank" href="https://www.benzinga.com//node/41198527" rel="noreferrer noopener">two consecutive weeks of gains</a>.
These eleven large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>NetEase, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) stock plummeted 13.66%, giving up gains after two weeks of upmove.</li>
<li>Futu Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>) stock dipped 13.25% after investors soured on China&#8217;s stimulus measures.</li>
<li>KE Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>) shares were down 13.14%.</li>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell 12.91% last week following its Cybercab unveiling, with <a href="https://www.benzinga.com//node/41295072" target="_blank" rel="noreferrer noopener">investors assessing a potential</a> 2026 or 2027 timeline.</li>
<li>Toronto Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) stock lost 10.52% last week <a href="https://www.benzinga.com//node/41271816" target="_blank" rel="noreferrer noopener">following a report suggesting</a> the company is expected to pay approximately $3 billion in penalties and face growth limits as part of an anti-money-laundering settlement.</li>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) stock lost 9.48% last week after investors soured on China&#8217;s stimulus measures.</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) stock fell 8.50% after Jefferies cut its price forecast <a href="https://www.benzinga.com/quote/FSLR/analyst-ratings" target="_blank" rel="noreferrer noopener">from $271 to $266.</a></li>
<li>The AES Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>) share dipped 8.41%.</li>
<li>Align Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGN#NASDAQ">ALGN</a>) lost 8.00% last week after several analysts lowered the <a href="https://www.benzinga.com/quote/algn/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares were down 7.83%, giving up gains after two weeks of upmove.</li>
<li>Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) shares declined 7.63%, giving up gains after two weeks of upmove.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/24/10/41304776/uber-microstrategy-and-robinhood-are-among-top-11-large-cap-gainers-last-week-oct-7-oct-11-are-the-o" target="_blank" rel="noreferrer noopener">Uber, MicroStrategy And Robinhood Are Among Top 11 Large Cap Gainers Last Week (Oct 7-Oct 11): Are The Others In Your Portfolio?</a></li>
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Photo via Tesla

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US Listed Chinese Stocks Give Up Gains - Li Auto, Tesla And Nio Are Among Top 11 Large Cap Losers Last Week (Oct 7-Oct 11): Are The Others In Your Portfolio?

Major U.S. equity indices experienced a slight dip on Thursday, following a <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41270761/september-inflation-hotter-than-expected-jobless-claims-spike-the-most-in-over-a-">higher-than-anticipated</a> Consumer Price Index (CPI) inflation report for September and a surge in oil prices due to disruptions caused by Hurricane Milton and escalating tensions in the Middle East. 
The S&amp;P 500, Dow Jones Industrial Average, and the tech-heavy Nasdaq 100 all mirrored the decline falling 0.2%, 0.1%, and 0.05% respectively.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) closed the day down 0.95% at $238.77, with an intraday high and low of $242.79 and $232.34, respectively. The electric vehicle giant is expected to unveil its dedicated robotaxi product late on Thursday at an event in Los Angeles, according to a <a href="https://www.benzinga.com/news/24/10/41284650/tesla-to-reveal-robotaxi-at-event-near-los-angeles-ceo-elon-musk-hints-it-could-be-a-2-seater">Benzinga report</a>.
Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) saw a marginal rise of 0.06% to close at $77.92. The ride-hailing company is working towards transforming into a <a href="https://www.benzinga.com/news/24/10/41265000/uber-announces-measures-to-ramp-up-electrification-of-its-fleet-ahead-of-teslas-robotaxi-unveil">zero-emission platform</a> by 2040, with measures including the introduction of an AI assistant on the driver app to help with EV-related queries as Tesla prepares to unveil its robotaxi product.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41244481/google-cries-foul-as-doj-moves-to-break-up-search-giant-calls-recommendations-radical-as-antitru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Cries Foul As DOJ Moves To Break Up Search Giant, Calls Recommendations &#8216;Radical&#8217; As Antitrust Ruling Aims To Limit Its Search Market Monopoly</a>
Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) shares traded lower by 4.00% to close at $164.18. The company <a href="https://www.benzinga.com/news/24/10/41282666/what-happened-with-amd-stock-today">hosted its &#8220;Advancing AI 2024&#8221; event</a> and launched several new high-performance computing solutions.
Aehr Test Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHR#NASDAQ">AEHR</a>) shares climbed 0.68% to close at $13.32. The company reported <a href="https://www.benzinga.com/news/earnings/24/10/41281995/aehr-test-systems-stock-climbs-after-better-than-expected-q1-results-heres-why">better-than-expected first-quarter financial results</a>.
Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) shares fell 5.29% to close at $59.44. The bank agreed to pay approximately $3.09 billion in fines to U.S. authorities after <a href="https://www.benzinga.com/government/24/10/41283209/td-bank-pays-3b-fine-after-pleading-guilty-in-money-laundering-case-making-its-services-convenient-f">pleading guilty </a>to money laundering-related charges.
Image via Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/10/41245350/nvidia-poised-to-overtake-apple-as-worlds-most-valuable-company-how-much-jensen-huangs-company-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Poised To Overtake Apple As World&#8217;s Most Valuable Company: How Much Jensen Huang&#8217;s Company Needs To Gain By Wednesday</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Tesla, Uber, AMD, Aehr, And TD Bank: Why These 5 Stocks Are On Investors' Radars Today

Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) agreed to pay approximately $3.09 billion in fines to U.S. authorities after pleading guilty on Thursday to money laundering-related charges in an <a href="https://www.benzinga.com/government/24/10/41271816/td-bank-to-face-3b-penalty-growth-limits-in-us-settlement-over-anti-money-laundering-failures">ongoing case</a> brought by federal prosecutors, who accused the Canadian bank of essentially making it easy for criminals and cartels to move money around the world for nearly a decade.
"By making its services convenient for criminals, TD Bank became one," said Attorney General Merrick B. Garland on Thursday. "Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering."  
The penalties are the largest ever imposed by U.S. authorities on a bank for money laundering violations.
Read Also: <a href="https://www.benzinga.com/government/24/10/41271816/td-bank-to-face-3b-penalty-growth-limits-in-us-settlement-over-anti-money-laundering-failures">TD Bank To Face $3B Penalty, Growth Limits In US Settlement Over Anti-Money Laundering Failures</a>
Referring to court documents from between January 2014 and October 2023, the Justice Department's Office of Public Affairs <a href="https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b">stated, </a>"TD Bank had long-term, pervasive, and systemic deficiencies in its U.S. AML policies, procedures and controls but failed to take appropriate remedial action."
<h1 class="wp-block-heading">Employees Involved?</h1>
Federal prosecutors also said some of the bank's employees had enabled the money laundering the bank was slow to detect and address.
"TD Bank's persistent prioritization of growth over controls allowed its employees to break the law and facilitate the laundering of hundreds of millions of dollars," stated Michael J. Hsu, the acting Comptroller of the Currency, <a href="https://www.nytimes.com/2024/10/10/business/td-bank-fine.html">reported</a> the New York Times.
<h1 class="wp-block-heading">Rare But Stern Response: Asset Cap</h1>
The Office of the Comptroller imposed an asset cap that will prevent TD Bank from growing beyond its current $370 billion in assets and curbing its growth in a key market. This marks the first such restriction on a major bank since Wells Fargo in 2018. &nbsp;
"The imposition of an asset cap will ensure that the bank focuses on building proper controls commensurate with its risk profile," Hsu said.
The TD Bank Group, Canada's second-largest bank, has over 1,000 branches in the U.S.&nbsp;
"The bank is also pleading guilty to criminal charges brought by law enforcement authorities," <a href="https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm">noted</a> the Federal Reserve in a press release. "The Board&#8217;s action will help ensure that TD operates in compliance with all U.S. laws and regulations."
Read Now:
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</ul>
TD Price action: TD Bank stock closed Thursday 5.29% lower at $59.44 per share at market close on Thursday.
Photo: JHVE Photo via Shutterstock

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TD Bank Pays $3B Fine After Pleading Guilty In Money Laundering Case, 'Making Its Services Convenient For Criminals'

Td Bank Says Will Undertake Balance Sheet Restructuring In Fy25; Will Reduce Assets By About 10%, Which Will Include Managing Down Or Selling Certain Loan Portfolios; Incoming CEO Says " This Is A Difficult Chapter For TD... We Will Make The Necessary Changes To Put The Bank On Stronger Foundation"

<a href="https://td.mediaroom.com/2024-10-10-Media-Advisory-TD-Bank-Group-to-host-a-conference-call-today" title="https://td.mediaroom.com/2024-10-10-Media-Advisory-TD-Bank-Group-to-host-a-conference-call-today">https://td.mediaroom.com/2024-10-10-Media-Advisory-TD-Bank-Group-to-host-a-conference-call-today</a>

TD Expects Up to $1.5B in One-Time Costs For Asset Reduction and Investment Portfolio Repositioning; 2025 to Be Transition Year for U.S. Retail Due to Balance Sheet Restructuring to Comply With Asset Cap

<a href="https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm">https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm</a>
&nbsp;

U.S. DOJ Says TD Failed To Monitor $18.3T In Customer Activity Which Allowed 3 Money Laundering Networks To Transfer Over $670M Through TD Accounts

U.S. Attorney General Merrick Garland Says TD The Largest Bank In U.S. History To Plead Guilty To Bank Secrecy Act Program Failures; Investigations Ongoing At 'Every Level' Of TD Bank; TD Has Agreed To The Imposition Of A 3-Year Monitorship And A 5-Year Term Of Probation

<a href="https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm" title="https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm">https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm</a>
&nbsp;
The Federal Reserve Board on Thursday fined Toronto-Dominion Bank $123.5 million for violations related to anti-money laundering laws. The Board is also requiring TD to implement enhanced measures to comply with anti-money laundering laws and to correct its risk management deficiencies.
TD failed to conduct adequate risk management and oversight of its retail banking operations in the United States, resulting in a U.S. subsidiary being used to launder hundreds of millions of dollars in illicit proceeds. The Board&#39;s action will help ensure that TD operates in compliance with all U.S. laws and regulations.
The Board is requiring TD to:
<ul>
<li>Establish a new office in the United States dedicated to remediating the deficiencies identified in the order;</li>
<li>Relocate to the United States the parts of its anti-money laundering compliance program that are responsible for complying with U.S. law. This program will be subject to oversight by U.S. regulators;</li>
<li>Certify that sufficient resources and attention are allocated to correcting the firm&#39;s anti-money laundering deficiencies prior to issuing any dividends or capital distributions; and</li>
<li>Undertake a thorough and independent review of the firm&#39;s board of directors and management to ensure adequate oversight of the U.S. operations.</li>
</ul>
Canada&#39;s Office of the Superintendent of Financial Institutions, the home country supervisor of TD, can act in the implementation of these requirements as permitted by its legal authority.
This action is being taken in conjunction with criminal and regulatory actions that are being taken by the U.S. Department of Justice, the U.S. Attorney&#39;s Office for the District of New Jersey, the Department of the Treasury&#39;s Financial Crimes Enforcement Network, and the Office of the Comptroller of the Currency. The penalties announced by the agencies total approximately $3.09 billion. The bank is also pleading guilty to criminal charges brought by law enforcement authorities.

TD Bank Pleads Guilty To Violations Of Bank Secrecy Act And Money Laundering, Will Pay $3.09B In Fines; US Regulators Impose Asset Cap And Restrict New Branches Or Services Until Compliance Issues Are Resolved; DOJ And OCC Cite Long-Term, Systemic Deficiencies In Anti-Money Laundering Efforts

Toronto Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) is reportedly preparing to settle charges related to its alleged failure to monitor money laundering by drug cartels, the Wall Street Journal said in an <a target="_blank" href="https://www.wsj.com/finance/regulation/td-bank-faces-3-billion-in-penalties-and-growth-restrictions-in-u-s-settlement-3e09a705" rel="noreferrer noopener">exclusive report</a>.
The Canadian bank is expected to pay approximately $3 billion in penalties and face restrictions on its U.S. growth.
Under the expected agreement, TD Bank&#8217;s U.S. entity will likely plead guilty to criminal charges stemming from a DOJ investigation.
This settlement could be announced as early as today and involves multiple agencies, including the U.S. Department of Justice (DOJ), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and the Federal Reserve.
According to the WSJ report, the DOJ and FinCEN are set to impose independent monitors to oversee the bank&#8217;s compliance with anti-money-laundering regulations. The FinCEN monitor will reportedly remain in place for four years.
The penalties will be divided between the DOJ and FinCEN, with the DOJ receiving $1.8 billion and FinCEN receiving $1.3 billion.
The bank has acknowledged the severity of its AML deficiencies, with outgoing CEO Bharat Masrani stating that resolving these <a target="_blank" href="https://www.benzinga.com/news/24/09/40941233/whats-going-on-with-toronto-dominion-bank-today" rel="noreferrer noopener">issues is a top priority</a>.
Masrani, who announced his decision to step down as CEO later this year, has been at the forefront of TD&#8217;s efforts to address regulatory concerns. In August, the bank set aside an additional $2.6 billion in anticipation of the settlement costs.
TD Bank is due to host a <a target="_blank" href="https://www.benzinga.com//node/41267914" rel="noreferrer noopener">conference call today</a>.
The case has had significant consequences for TD, including halting its $13.4 billion acquisition of First Horizon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>) due to U.S. regulators&#8217; concerns over the bank&#8217;s anti-money-laundering capabilities.
The companies terminated the merger agreement in May 2023, which was announced initially in February 2022. TD paid First Horizon a $200 million cash payment and the $25 million fee reimbursement due to First Horizon under the merger agreement.&nbsp;
The OCC will impose an asset cap on TD&#8217;s U.S. business, similar to the restrictions imposed on Wells Fargo Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) in 2018 after its fake account scandal, the report highlighted.
The investigation into TD Bank intensified when federal authorities discovered that a Chinese criminal group had laundered millions of dollars from fentanyl sales through TD&#8217;s branches in New York and New Jersey, bribing bank employees in the process.
This incident, among others, has forced TD to overhaul its internal controls and strengthen its AML and investigations teams with new hires.
Price Action: At last check on Thursday, TD stock was down 4.74% at $60.50 during the premarket session.
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Photo by JHVEPhoto via Shutterstock

Media

TD Bank To Face $3B Penalty, Growth Limits In US Settlement Over Anti-Money Laundering Failures

WIIM

Toronto Dominion Bank shares are trading lower following a report suggesting the company is expected to pay approximately $3 billion in penalties and face growth limits as part of an anti-money-laundering settlement.

<a href="https://www.wsj.com/finance/regulation/td-bank-faces-3-billion-in-penalties-and-growth-restrictions-in-u-s-settlement-3e09a705?mod=Searchresults_pos1&amp;page=1" title="https://www.wsj.com/finance/regulation/td-bank-faces-3-billion-in-penalties-and-growth-restrictions-in-u-s-settlement-3e09a705?mod=Searchresults_pos1&amp;page=1">https://www.wsj.com/finance/regulation/td-bank-faces-3-billion-in-penalties-and-growth-restrictions-in-u-s-settlement-3e09a705?mod=Searchresults_pos1&amp;page=1</a>

The Wall Street Journal Reported Wednesday, TD Bank Expected to Pay ~$3B in Penalties As Part Of Anti-Money-Laundering Settlement

U.S. SEC Says TD Securities Charged In Spoofing Scheme

TD Bank Group shares are trading higher. The company announced its CEO will retire on April 10, 2025.

Toronto-Dominion Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) shares are seeing positive movement Thursday. Here&#8217;s <a href="https://www.benzinga.com/news/24/09/40937551/td-bank-group-president-and-ceo-bharat-masrani-to-retire-april-10-2025-board-names-raymond-chun-as-s">what you need to know.</a>
What To Know: The bank revealed that Bharat Masrani, who has served as CEO for over a decade and spent 38 years at the institution, will retire on April 10 2025. Masrani&#8217;s tenure saw significant milestones but also faced challenges, particularly toward the end of his leadership, as TD dealt with an unraveling $13.4 billion acquisition of First Horizon Corp and investigations into lapses in money-laundering controls at U.S. branches.
In response to these developments, TD Bank Group&#8217;s Board of Directors has named Raymond Chun, currently Group Head of Canadian Personal Banking, as the successor. Chun will step into the role of Chief Operating Officer on November 1 2024, with responsibility for all business lines, before officially taking over as CEO on April 10 2025. This move is part of TD's ongoing efforts to strengthen its leadership and reassure stakeholders during a challenging period for the bank.
What Else: The leadership transition is taking place while the bank grapples with investigations by the U.S. Department of Justice and financial regulators over its handling of money-laundering controls in its American branches—a division that Masrani had previously overseen. The fallout from these issues has led to the departure of several top executives in the bank&#8217;s legal and compliance departments, contributing to uncertainty about the company's direction.
Price Action: TD shares were trading higher by 2.27% at $64.01 according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="553" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-1024x553.png" alt="" class="wp-image-556379" style="width:509px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-1024x553.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-300x162.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-768x415.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD.png 1072w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Image via Shutterstock.

Stock Split

What's Going On With Toronto-Dominion Bank Today?

TD Bank Group ("TD" or the "Bank") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TD#TSX">TD</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) and Chief Executive Officer, Bharat Masrani, today announced his intention to retire on April 10, 2025, after 38 years at the Bank and more than a decade as CEO.
In line with TD Bank Group's succession plan, the Board of Directors announced that Raymond Chun, Group Head, Canadian Personal Banking will be appointed to the Board of Directors and become Chief Operating Officer, TD Bank Group, reporting to Mr. Masrani, effective November 1, 2024, with responsibility for all of TD's lines of business. The Board also announced its intention that Mr. Chun will become Group President and Chief Executive Officer, TD Bank Group, on April 10, 2025, at the Bank's next Annual Meeting of Shareholders. Following his retirement as CEO, Bharat Masrani will continue to serve as an advisor to the Bank until October 31, 2025.

TD Bank Group President And CEO Bharat Masrani To Retire April 10, 2025; Board Names Raymond Chun As Successor

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