Canada's Toronto Dominion Bank is looking to take on U.S. discounter Charles Schwab & Co.

Just two weeks ago, TD Bank extended its U.S. brokerage reach with a deal to buy California-based Kennedy Cabot & Co. for a reported $155 million. After the deal closes at the end of the year, Kennedy Cabot would become a subsidiary of Waterhouse Investor Services, the New York-based broker TD Bank bought last year.

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