TORONTO – Shares of Toronto-Dominion Bank were down in early trading following reports the bank is nearing a settlement with U.S. regulators regarding failures of its anti-money laundering safeguards.
Multiple media reports said the bank will pay billions in financial penalties as well as face non-financial sanctions that will put limits on its growth in the U.S.
TD has said it will hold a conference call later today, but did not offer details regarding what the call would be about.
The Canadian bank has been working to resolve investigations into failures in its anti-money laundering program in the U.S.
The probes have been a major overhang for the bank and helped scuttle its proposed US$13.4-billion acquisition of U.S. bank First Horizon Corp.
TD shares were down $5.78, or about 6.6 per cent, at $81.33 by late morning on the Toronto Stock Exchange.
This report by The Canadian Press was first published Oct. 10, 2024.
Companies in this story: (TSX:TD)
