TORONTO – TD Bank chief executive Bharat Masrani says he hopes to be able to say more in the near term on the investigation into the bank’s anti-money laundering measures.
Masrani made the remarks as he faced shareholders Thursday at the bank’s annual general meeting, the first since its US$13.4-billion takeover of First Horizon bank fell apart and the bank disclosed that it expects to face penalties related to an investigation from U.S. regulators.
Masrani said that regretfully the bank’s anti-money laundering program was not where it needed to be, and the bank is working hard to address the shortcomings.
He says that he understands shareholders want to know more about the investigation, which includes the U.S. Department of Justice, but that given confidentiality requirements he can’t provide more detail or speculate on the timing of updates.
Masrani emphasized that TD still has a significant presence and potential in the U.S., even without the acquisition, including more retail locations than in Canada and that it ranks as a top-three bank in the markets it operates in the country.
Climate issues saw the most support among shareholder resolutions, including almost 29 per cent support for a proposal to have TD provide more details on its transitions plans, and 18 per cent support for an advisory vote on environmental policies.
This report by The Canadian Press was first published April 18, 2024.
Companies in this story: (TSX:TD)
