Board chair Alan MacGibbon said the bank’s US$3 billion settlement over failures of its money laundering controls in the U.S. was “extraordinarily painful” at TD’s annual meeting Thursday. In response to a shareholder question, MacGibbon also called disclosure of the issue the bank’s “darkest day.” (The Globe and Mail)

Talking point: The meeting gave shareholders an opportunity to vent their frustration over the high-profile debacle and the resulting hit to the bank’s stock price. In addition to the billions in penalties, a U.S. regulator imposed an asset cap on Oct. 10 that prevents its American retail division from adding new loans, limiting the bank’s ability to grow. Asked how to revive TD’s share price under those limitations, TD CEO Raymond Chun said he sees opportunity to expand within Canada, a division that accounts for 75 per cent of the bank’s profit. Shareholders also voted to add four new directors to TD’s board, including two with U.S. compliance experience.