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.
Brian Madden, CIO of First Avenue Investment Counsel, breaks down the slump in TD stock as the bank faces billions of dollars in penalties.
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. The Canadian bank has been working to resolve investigations into failures in its anti-money laundering program in the U.S.
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