Toronto-Dominion Bank (TD), Canada’s second-largest bank, saw its profits plunge in the third quarter as it prepares to be hit with hefty fines over a U.S. federal probe into the bank’s anti-money laundering (AML) program.
TD reported a $181 million net loss early Thursday, down from $2.88 billion in profits a year earlier. This sizable hit to its bottom line includes the impact of the $2.6 billion in provisions to cover any potential fines related to investigations into the banks AML program.
