TD Bank

The Toronto-based bank suspended its medium-term growth targets and announced a full-scale review of its strategies following historic anti-money-laundering failures.

A sale would mark a swift retreat from the intensely competitive credit card business, where Ally competes with giant players such as Capital One.

The bank's U.S. operations will be closely monitored during a yearslong probationary period, during which any sign of backsliding could trigger swift punitive action.

Daria Sewell pleaded not guilty to possessing customers' personally identifiable information. The case adds to the Canadian bank's anti-money-laundering woes.

The plea agreement, which includes a fine of more than $1.4 billion, penalizes TD for systemic money laundering violations. "We have the ability to profit, and we should be able to profit, but not at the expense of the law," said U.S. District Judge Esther Salas.

Sen. Elizabeth Warren said in a letter that the Department of Justice intentionally avoided threatening TD Bank's charter to operate. The Massachusetts Democrat also pressed the agency to prosecute bank executives.

When TD Bank's $13 billion acquisition fell through, First Horizon was forced to quickly come up with a plan. Here's how the bank's culture of sharing ideas and inclusion helped.

TD Bank's guilty plea to extensive money-laundering charges last week did not include any criminal charges against individual bank executives. That absence has critics fuming, but experts say bringing charges against individuals isn't so easy.

For more than a decade, the bank allowed billions of dollars from illicit activities to flow through the U.S. financial system unchecked. Some are wondering why examiners didn't put a stop to it sooner.

The Canadian bank's stateside retail operations will be hamstrung by a massive anti-money-laundering settlement. But executives said the company can lean on both its Wall Street business and lines of revenue north of the border.

The sweeping enforcement actions will be a watershed event for TD Bank's U.S. subsidiary, which had previously been a promising growth engine.

Toronto-Dominion Bank will pay the penalties and agree to restrictions on its U.S. growth in a settlement with regulators over its failure to catch money laundering, the Wall Street Journal reported. Regulators are likely to announce the settlement Thursday.

Regulators have never held a hearing on whether to revoke the charter of a bank convicted of a money-laundering-related violation. As TD Bank nears a "global resolution" in connection with its compliance failures, it's unlikely to buck the trend.

TD Bank must pay more than $20 million to resolve investigations over a former trader's alleged placement of "spoof" orders to manipulate the Treasuries market.

Bharat Masrani, who's been at the Toronto-based bank's helm for a decade, will be succeeded by fellow TD executive Raymond Chun. One big question now is whether an insider or outsider would be better positioned to navigate the company through its AML troubles.

The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.

The Canadian bank expects to spend more than $3 billion on U.S. regulatory penalties in connection with its anti-money-laundering problems. "It's easy in a bank of our size to sometimes not look at accountabilities as clearly as we should," CEO Bharat Masrani said.

The Toronto-based bank also expects a "global resolution" of investigations by U.S. authorities to be finalized by the end of the year.

The Canadian bank has appointed Erin Morrow, who had served as deputy chief compliance officer for about six months, to replace Monica Kowal, who parted with TD July 2. The announcement comes as TD faces questions by U.S. and Canadian regulators about its anti-money-laundering compliance.

When TD Bank launched an audio brand identity across its communication channels early this year, the new jingle triggered a surprising reaction from consumers using the firm's ATMs.