It’s been over three months since the U.S. Department of Justice announced that TD Bank had pleaded guilty to conspiracy to commit money laundering. After paying a US$3-billion fine, Canada’s second largest bank is now shaking up its senior-most ranks of leadership.
Stefanie Marotta is The Globe and Mail’s banking reporter. She explains what prompted the early departure of TD’s CEO, how this money laundering scandal could affect TD customers and what the ripple effects might be for the entire Canadian banking industry.
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