TD Bank swings to quarterly loss after $2.6 billion hit tied to US probe

TD Bank (TD.TO), opens new tab on Thursday reported its first loss in over two decades after setting aside an extra $2.6 billion to cover expected fines from U.S. regulators which have been probing weaknesses in Canada’s second-largest lender’s anti-money laundering (AML) controls.

TD said late Wednesday that it would sell part of its 12.3% stake in U.S. brokerage Charles Schwab (SCHW.N), opens new tab to help offset the impact of the fine, for which it had already provisioned $450 million in the prior quarter.