Toronto-Dominion Bank missed analysts’ estimates as wealth-management results unperformed expectations and the company took a restructuring charge related to job cuts, adding to the firm’s troubles as it also booked a new US$2.6 billion provision for fines tied to U.S. money-laundering investigations.
Nigel D'Souza, financial services analyst at Veritas Investment, joins BNN Bloomberg to discuss the markets as Canada 's top banks set to report earnings.
Canada’s second-largest lender earned $2.05 a share on an adjusted basis in the fiscal third quarter, according to a statement Thursday, falling short of the $2.07 average estimate of analysts in a Bloomberg survey. Toronto-Dominion, the first of the big Canadian banks to report results this quarter, incurred $110 million of charges for restructuring in the three months through July.
Toronto-Dominion faces allegations that it failed to catch money laundering and other financial crimes at several U.S. branches, with prosecutors having filed at least four cases in New York, New Jersey and Florida. It’s under investigation by the U.S. Department of Justice, financial regulators and the U.S. Treasury Department.
Chief Executive Officer Bharat Masrani’s future is also in question, according to National Bank of Canada analyst Gabriel Dechaine, who said Wednesday’s announcement “clears the way for CEO succession.”
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