Rapid expansion made TD Bank a household name but left it vulnerable to crooks—and $3.1b in fines. The story for the bank is one of breathtaking corporate hubris—of breakneck expansion followed by budget-cutting that left its branches open to exploitation by organized crime. For the rest of the industry, it’s a cautionary tale that could have a lasting impact on American banking.
TD said in a statement it has “taken full responsibility” for the failures of its anti-money-laundering program and is “making significant investments and enhancements to meet the terms of the resolution, and help protect the financial system,” adding, “This is our most important priority.”
