TD Takes $2.6B Hit on Probe, Sells Schwab Shares

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.