TD Bank investigated by US DOJ for $653m drug money-laundering in NY, NJ; potential large fine and restricted growth.
TD Bank is under investigation by the US Department of Justice for its involvement in a $653m drug money-laundering case in New York and New Jersey. The bank's alleged role in the scheme has intensified concerns, with Jefferies analyst John Aiken warning it could face a "lost decade" with a potential huge fine and restricted US growth. The bank has already announced a US$450m provision for regulatory penalties.
May 06, 2024
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