TD Bank Group reports profits down 22 per cent on anti-money laundering hit
CP24 -

TD Bank Group's second-quarter profit fell 22 per cent from last year as it booked costs related to a high-profile failure of its U.S. anti-money laundering program. The bank had warned of the $615-million initial charge it was taking in connection with its talks with U.S. regulators, allowing analysts to adjust projections that the bank then handily beat. "It was a strong quarter for TD with all of our businesses outperforming expectations," said chief executive Bharat Masrani on an...

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