TD Bank Faces Major Financial Setback Amid AML Probe

The Canadian bank sets aside $3 billion for potential fines, leading to a rare quarterly loss and succession planning challenges.

• TD Bank reported a net loss of $181 million in Q3 due to provisions for anti-money laundering fines.
• The bank has set aside $3 billion to cover potential penalties from a U.S. Department of Justice investigation.
• CEO Bharat Masrani acknowledged serious compliance failures and ongoing efforts to rectify them.
• The regulatory issues have led to speculation about CEO succession plans at the bank.
• TD's U.S. operations, a key growth area, have been particularly impacted by the probe.

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