TD Bank is setting aside an additional $2.6 billion as it braces for a significant penalty from regulators.
The bank is under investigation for allegedly enabling Chinese gangs to launder $650 million in drug money between 2016 and 2021.
To address the expected fine, TD Bank has earmarked over $3 billion and is partially divesting its stake in Charles Schwab. The bank has been in discussions with U.S. regulators, including the Department of Justice, over shortcomings in its anti-money laundering (AML) procedures.
In its recent earnings report, TD Bank disclosed a $181 million loss for Q3 of this year, attributed to ongoing investigations into its AML practices. TD CEO Bharat Masrani has prioritized improving the bank’s AML controls and stated that significant efforts are underway to resolve these issues.
The bank aims to finalize a resolution with regulators by the end of the year. TD Bank, headquartered in Wilmington, Delaware, manages over $370 billion in assets and ranks as the 10th-largest commercial bank in the U.S.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
The latest market turbulence, fueled by geopolitical tensions and investor fear, offered a textbook case of how sentiment swings and whale behavior shape crypto price action.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.