TD Bank Group says Charles Schwab investment will add C$178M for Q4

Sean Parker, senior Advisor at the AML Shop, discusses TD's steps to recovery in the aftermath of a money-laundering guilty plea.

TORONTO — TD says that excluding about $2 million after-tax in acquisition-related charges and $27 million after-tax in amortization of acquired intangibles, its adjusted equity in net income from its investment in Schwab will be $207 million.Schwab, which keeps its books in U.S. dollars, reported Tuesday a third-quarter profit of US$1.41 billion, up from US$1.13 billion a year earlier.

On an adjusted basis, Schwab says it earned US$1.53 billion in its latest quarter compared with US$1.52 billion in the same quarter last year. TD announced in August that it had sold 40.5 million Schwab shares. The sale reduced its interest in Schwab to 10.1 per cent from 12.3 per cent.

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