Finance
TD Suspends Growth Guidance in Wake of Historic Settlement
- Lender is ‘undertaking a strategic review’ of its priorities
- Adjusted earnings of C$1.72 a share fall short of forecasts
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Toronto-Dominion Bank suspended its medium-term financial targets amid a review of company strategy as the incoming chief executive officer seeks to move the lender past a historic money-laundering settlement with US authorities.
Canada’s No. 2 bank is “is currently undertaking a strategic review of organic opportunities and priorities, productivity and efficiency initiatives, and capital allocation alternatives,” it said in a statement Thursday. During the review, Toronto-Dominion is suspending medium-term financial targets for earnings growth, return on equity and operating leverage.