-TD Bank on Thursday reported better-than-expected quarterly earnings helped by strength in Canada and its wealth management unit, even as its U.S segment struggled amid probes related to its anti-money laundering program.
The bank said there were"some procedural weaknesses" in the U.S. and was disappointed that some employees did not follow its code of ethics. TD has taken action against responsible employees, including termination, CEO Bharat Masrani said. "The way we look at it is that it is situation dependent. We may pace the store opening differently given these priorities but we have a very strong franchise," Tran said.
TD said net income at home rose 7%, helped by loan growth and newcomers opening accounts as it increased its focus on the segment through a partnership with India's HDFC bank to attract customers, such as students moving to the country.