TD Bank’s quarterly profit falls on weakness in its U.S. business

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TD Bank’s quarterly profit falls on weakness in its U.S. business
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TD’s adjusted net income fell to $3.21-billion, or $1.72 per share, in the three months ended Oct. 31, from $3.49-billion, or $1.82 per share, a year earlier

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reported a fall in fourth-quarter profit on Thursday, hurt by weakness in its U.S. business due to the impact of anti-money laundering issues.

TD has been hit by a rare asset cap imposed by regulators in the United States. The bank will reduce its assets in the country by 10 per cent and sell as much as $50-billion of low-yielding bonds and reinvest the proceeds.

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