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TD Takes $2.6B Hit on Probe, Sells Schwab Shares
By
Janet Levaux
News August 21, 2024 at 05:39 PM
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What You Need To Know
- The bank is selling part of its stake in Charles Schwab to cover fines it expects to pay for failures in its money-laundering controls.
- Including a $450 million provision announced in April, the lender now estimates it will pay $3 billion related to its U.S. compliance lapses.
- Its ownership stake in Schwab will fall to 10.1% from 12.3% after selling 40.5 million shares of the discount broker.
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