Here’s what clients should consider in the wake of TD’s money laundering debacle
In the global financial crisis of 2008-09, banks around the world toppled while the big Canadian banks were comparatively stable. When three U.S. banks failed in early 2023, the mismanagement seemed inconceivable from a Canadian perspective.money laundering debacle in the United States is a shock precisely because it’s so out of character for Canadian banks.
Therein lies an opportunity for current and future TD clients. “To grow here, you have to take away from your competitors,” Mr. De Souza said. “And so, if anything, this might make pricing more competitive.” An obvious question for TD clients – and investors – right now is whether the bank’s ethical fail on money laundering was a one-off, or a sign of systemic bad judgement or worse.
TD shares traded this week at close to the same price as a year ago, which means the bank’s shareholders missed the 36.6 per cent increase for the financial sector over the 12 months to Sept. 30.
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