Topic: How To Invest

The Successful Investor Hotline – Friday, May 23, 2025

Article Excerpt

TORONTO-DOMINION BANK, $92.91, 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. That will prevent TD from opening new branches, making acquisitions or expanding its loan portfolios without the permission of regulators. In response, the bank will close 38 branches across 10 states and Washington, D.C. It will still have over 1,000 locations in the U.S., mainly in the Northeast and Atlantic Seaboard. TD also sold its entire 10.1% stake in Charles Schwab Corp. (New York SCHW) for about $14 billion U.S. (or $20 billion Canadian). It will use $8 billion of that cash to buy back 100 million of its common shares (about 5.7% of the total outstanding). As well, the bank now plans to cut 2% of its workforce as…