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Toronto Dominion bank logo is seen outside of a branch in Ottawa, Ontario, Canada.

REUTERS/Chris Wattie

Failed merger amid banking crisis

Toronto Dominion Bank and Tennessee-based First Horizon Corporation had been set on a $13.4 billion merger for over a year. But last week, the two banks called things off, citing TD’s “regulatory hurdles” and offering few details. Early this week, it was reported that TD’s anti-money laundering efforts might have soured the U.S. Office of the Comptroller of the Currency and the Federal Reserve on the deal.

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