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TD shares down after reports it’s nearing settlement with U.S. regulators

Written by on October 10, 2024

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)

The Canadian Press