TD Bank sets aside additional $2.6B for money laundering fines

Toronto-Dominion Bank (TD.TO, TD) has set aside an additional $2.6 billion as part of an anti-money laundering probe led by US regulators. The bank now has over $3 billion reserved to pay possible US compliance fines, as it has also sold off a portion of its stake in Charles Schwab (SCHW).

Julie Hyman and Josh Lipton report on the story.

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This post was written by Luke Carberry Mogan.

Video Transcript

Td Bank.

Let’s talk about that one as well.

It set aside $2.6 billion more for potential us anti money laundering penalties, those shares down about 2% today.

So the company has been undergoing us money laundering investigations.

We knew that it had previously put aside some money related to that about uh uh previously, but this is a larger amount and it had, and it had about 100 and $33 million loss as the, um, related to all of this, even if you take out that charge, earnings were still short of estimates.

So, yeah, if you’re an investor, so now you’ve got some line of sight on timing of a resolution to all this and the amount of fines.

But Bloomberg, of course, you know, making a good point here, you still have uncertainty about other variables, non monetary restrictions that you know, they could be under and for and for how long CEO saying while we are not through the tunnel yet, we can see the light at the end of the journey.

Well, the shares are only down about 2% but they’ve been, they’ve been here.

Yeah.