Topic: How To Invest

The Successful Investor Hotline – Friday, December 6, 2024

Article Excerpt

TORONTO-DOMINION BANK, $73.51, Toronto symbol TD, remains a buy for patient, income-seeking investors. The bank recently settled charges over lapses in the anti-money laundering processes at its U.S. retail banking operations. As a result, it paid a fine of $3.09 billion U.S. The settlement also imposed an asset cap on TD’s U.S. retail banking operations. As a result, those assets cannot exceed $434 billion, which was their value on September 30, 2024. The cap will prevent TD from opening new branches, making acquisitions or expanding its loan portfolios without the permission of regulators. Investors should note that the cap does not apply to the bank’s other U.S. businesses, such as securities trading and corporate financing. The cap will remain in place until the U.S. Office of the Comptroller of the Currency removes it. TD now plans to reduce its U.S. assets by about 10%. It expects to achieve this target by the end of the fiscal year ending October 31, 2025. Meantime, the bank continues…