TD Bank

Banks such as Texas Capital and Synovus say they're learning from anti-money-laundering failures elsewhere. They emphasize the importance of having enough compliance staffers — and ensuring they have the necessary skills.

Thirty-eight TD Bank locations and 24 Flagstar branches are set to shut down. Both banks are coming out of tumultuous periods.

Leo Salom, who has led Toronto-Dominion's U.S. division since 2022, saw his variable pay decline 35% in 2024.

The Canadian bank's U.S. unit is restructuring its balance sheet and managing the fallout of anti-money-laundering compliance failures, but there were some positive indicators in last quarter's results.

The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.

TD has been adjusting its balance sheet to comply with a cap on its U.S. retail banking assets, imposed last year as part of its money-laundering plea.

Toronto-Dominion Bank is moving up the start date for its new chief executive officer, Raymond Chun, by two months and has reduced executives' pay.

After shoring up infrastructure following the scuttled TD Bank acquisition, the Memphis, Tennessee-based institution plans to focus more on mobile banking and new product innovation.

TD Bank Group's money-laundering-related crimes have sparked questions of how banks should be penalized for moving dirty money. CFPB Director Rohit Chopra said the FDIC should do more.

After the Toronto-based bank faced record penalties in the U.S., it made new disclosures about its anti-money-laundering compliance obligations in Canada, where critics say regulators have been too lax.