The lender expects to raise about US$14 billion through a secondary offering of its shares in the American financial services firm, Bloomberg reported, citing an internal memo. TD plans to use C$8 billion of the proceeds to buy back stock and reinvest the rest in its business. (The Logic)

Talking point: TD CEO Raymond Chun said in January he was reviewing the bank’s ownership of its stake in Charles Schwab as part of a broader strategic review. The review was prompted by anti-money-laundering charges against the U.S. division of the bank, which resulted in a plea deal requiring TD to pay a US$3-billion penalty and agreeing to keep its U.S. assets below about US$434 billion. Chun took over the top job on Feb. 1 in an accelerated CEO transition. TD also put US$9 billion worth of mortgages up for sale in January to comply with the asset cap, Bloomberg reported.