(Bloomberg) -- A veteran Canadian bank analyst says Toronto-Dominion Bank’s role in an alleged money-laundering scheme has made the “worst-case scenario...
-- A veteran Canadian bank analyst says Toronto-Dominion Bank ’s role in an alleged money-laundering scheme has made the “ worst-case scenario ” more likely — a huge fine for the lender and years of restrictions on its US growth.The US Department of Justice is investigating the bank over its ties to a $653 million drug money-laundering case in New York and New Jersey, a person familiar with the matter told Bloomberg last week.
The bank announced an initial $450 million provision for regulatory penalties last week before the Journal’s report and said there’s more to come, as there are investigations from multiple regulators. The “simple math” implies Canada’s second-largest bank will have to pay $2 billion, Aiken said.
Keefe Bruyette & Woods analyst Mike Rizvanovic cut his price target to C$88 from C$92, adding that while last week’s selloff appeared to be overdone, the stock will take time to recover. “This business may very well be growth constrained for some time, but based on what we know there is simply no basis to believe that TD’s US earnings power has totally evaporated.”The 20K Challenge: Turning $20,000 Into $100,000 With Dividends
James Baldwin famously said, "Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor." In January 2014, long after the Great Recession but before the pandemic,...While some investors are already well versed in financial metrics , this article is for those who would like...CALGARY — Ensign Energy Services Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue fell 11 per cent.
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