TD Mulling Fate of Schwab Stake in Review, Incoming CEO Says
Live Mint-- Toronto-Dominion Bank will consider the fate of its 10.1% stake in Charles Schwab Corp. as part of a strategic review stemming from the Canadian bank’s US money-laundering scandal, incoming Chief Executive Officer Raymond Chun said. “If you think about the Schwab investment, that is part of the capital-allocation review that we are doing as part of the strategic review,” Chun said, speaking in Toronto at RBC Capital Markets’ Canadian bank CEO conference. Chun said Toronto-Dominion’s ownership of Schwab shares is separate from its agreement with the firm to make sweep-deposit accounts available to Schwab clients. 1 priority as the incoming CEO,” Chun said, adding that US authorities recently approved the appointment of a monitor that Toronto-Dominion proposed to oversee those efforts.
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