TD US to sell up to $50bn of securities
Asset cap imposed after AML settlement limits growth of retail banking arm
TD Bank plans to sell up to $50 billion of low-yield investment securities after being hit with a $3.1 billion fine and a cap on its US subsidiaries’ assets for anti-money laundering (AML) failures.
The ceiling limits TD’s two US banking subsidiaries’ assets to the level they stood at on September 30, $434 billion.
The Canadian lender plans to reduce assets by roughly 10% in response, which the
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