A person makes their way past a Toronto-Dominion Bank in the Financial District of Toronto on August 14, 2023. THE CANADIAN PRESS/Spencer Colby
TD did not comment directly on the report, but said its anti-money laundering defences had been deficient. Dechaine said the severity of the allegations means TD could not only face fines well above the $500 million to $1 billion that many investors have anticipated, but also more severe regulator-imposed limitations on its business activities.
In a worst-case scenario, the issue could erode TD's future earnings potential by more than $1 billion, he said, and he has dropped his price target for the bank's TSX-listed shares by almost nine per cent to $84.
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