Last week, TD Bank released its quarterly earnings. For the first time in 21 years, they reported a quarterly loss – largely because they set aside US$2.6-billion to cover penalties in the United States related to failures in their anti-money-laundering program. All of this has people wondering … what is exactly going on at TD? How did a bank with a once-sterling reputation begin facing all these problems?
Tim Kiladze is a financial reporter and columnist for the Globe. He’s on the show to talk about what he and his colleagues have learned about TD’s culture shift that contributed to the company’s anti-money-laundering troubles, a leadership exodus, and questions around the company’s future.
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Same thing that is going on in canada broadly, funding nazis in jewkraine.
Unethical bank gets karma
Ever since Bharat took leadership, the whole culture and work conditions have been crap. He’s the main reason why TD will continue to fail. Ed Clark led TD to some decent gains, but Bharat is running it into the ground.
The reporter went full Gollum @ 20:04
Canadian banks (TD or RBC) must learn about the doing business in the US which is very different from operating in Canada.
TD obsessions with DEI hiring is also a reason for their downfall.
Is the Board of Directors asleep?
What this guy is diplomatically trying to say about ‘culture’ is TD used to be a reliable Canadian bank (TD = Toronto Dominion) and now it’s gone full American capitalist. Regulation? Laws? Rules? Wasteful and bad for business.
The entire 'problem' is that there is NO "great big pile of cash"….. it's all just a system of IOU's as Financial so-called 'assets' where if you OWE me that DEBT is my 'asset' ?
TD's fine is just a canary in the Coal Mine.
Starting to see the bigger problem with all of the Canadian Big Bank Mortgage Portfolio "Chattel" valuations held on their Books ?
NONE of those valuations are now accurate as still 4.5 Million Canadian Mortgages(750K NEGAMS still increasing balances) are all renewing here through Q4/2026….. all at higher rates than when initiated intending the "hit" to our consumer spending reliant gdp will be significant as consumers re-allocate to higher payments….'recession'
but also…
as those Mortgage P{ortfolio "chattels" correct 'mark to market' under increasing Listings/lower Sales prices.
Look up Le Zhang and GarixDover for more security problems at TD
As a former employee in the industry, AML training was required even for those not in client facing roles. How did they ever go so wrong?
Might have something to do with the fact they have or are going to be fined up to $4billion dollars by the US government for laundering Chinese drug money! Disgusting banksters. And we still don't know who the traitors are sitting in the house of commons.
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Tim attributes several key challenges at TD to a focus on social issues, a strong emphasis on environmental initiatives, and alignment with the broader Canadian Zeitgeist. He suggests that the AML (Anti-Money Laundering) failings were partly due to a significant cultural shift within the organization. Tim also references the concept of "alpha males" and specifically mentions Bharat Masrani, the current CEO, in this context. Is Tim implying that a "woke" or DEI (Diversity, Equity, and Inclusion) culture is contributing to the problems at TD?
AND…. lets not talk about the millions of Canadians about to go belly up and declare bankruptcy because of the massive mortgage ponzi scheme all banks are a part of and will take our country into some kind of crisis we can't even understand yet? or how about the GoC buying billions, let me say that again, billions in CMB (Canada Mortgage Bonds) to stimulate the housing market again? but it's not working! What will the excuse be when all the banks are crying because of something they could not have seen coming??? Will covid be blamed when the bank gave a family making $4000 a month 5 years ago a mortgage for twice what she could really afford? Are we to bail out the too big to fail TD because of culture and DEI hiring for social justice and climate change warriors???? lol and this is why I closed my account and mortgage with TD a while ago. This is why my hubby and I might take our retirement money out of this country all together and live somewhere I will be able to afford. the current trajectory this country is on is scary scary stuff. History shows how brutal it was for other countries who went through this sort of corruption and they are still in some cases paying the price of fall from luxury living the elites always think never ends. Follow the money. Its a cabal. But not so secret anymore.
Fire the CEO and the board of directors. Inexcusable.
Every time banks are in the news for some eyebrow-raising behaviour, it seems TD is among them.😕 I'm so glad I've never been with them.
It's the leadership …right from the top…that's the real challenge at TD. The CEO truly needs to be replaced!
now the bank need to do police job for money laundering and the government got a reason to rob the banks.
Sounds like the Execs who left were feeling the heat of exposure not frustration!
By `Criminals have become sophisticated` you mean integrated.
If you make more humans the narcissists will require that they help make things worse.