TD and BMO stumble while CIBC rises to cap big bank earnings season

Canada’s TD Bank has agreed to pay a record US$3.1 in fines to U.S. authorities after admitting it allowed drug cartels and other criminal networks to carry out illegal money-laundering activities through the bank.

TD also said it would hold a strategic review of opportunities, as it would take at least four years for it to complete its audit and regulatory reviews.Business Matters: TD Bank to pay $3 billion USD in historic money-laundering settlement with U.S. Justice Department In contrast, the smallest of the country’s big five banks – Canadian Imperial Bank of Commerce – reported a fourth-quarter profit that surpassed estimates, helped by smaller-than-expected loan loss provisions and strength at its Canadian retail arm.BMO and TD have expanded in the U.S. through a series of acquisitions over the years, as they sought growth opportunities outside of Canada, catering to scores of clients on the West and East Coasts.

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