The timing of TD Bank's plans to open 150 new U.S. branches by 2027 has been thrown into doubt by the regulatory uncertainty surrounding the Toronto-based bank.
TD is facing pressure from U.S. regulators to overhaul its safeguards against money-laundering in the bank's U.S. division—an overhaul that some industry analysts believe may end up costing the bank $2B.
In an earnings call late last week, TD executives disclosed that the bank has spent $500M to overhaul systems to protect it from money-laundering; TD also has set aside $450M to cover its growing legal expenses, according to a report in American Banker.
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