The bank will accept bids on the pool of mortgages next week, Bloomberg reported, citing sources. TD’s two U.S. banking subsidiaries must keep their assets below about US$434 billion as part of a plea deal with U.S. regulators over its anti-money laundering failures. (Bloomberg)
Talking point: TD is working hard to move on from the scandal, which also required the bank to pay a US$3 billion penalty in October. Last week, the bank announced an accelerated CEO transition, with Raymond Chun taking the top job from Bharat Masrani on Feb. 1. TD also announced a board shakeup and slashed a total of $30 million in bonuses for 41 executives. Earlier this month, Chun said TD is considering options for its 10.1 per cent stake in American financial services firm Charles Schwab as part of a strategic review prompted by the money laundering charges.
