TD to Plow Money Into Canada Unit After $14 Billion Schwab Sale

Toronto-Dominion Bank’s Canadian operations and capital-markets franchise will be priorities under new Chief Executive Officer Raymond Chun, who will soon have a stockpile of cash to spend after exiting the lender’s stake in Charles Schwab Corp.

The sale of Toronto-Dominion’s 10.1% interest in Schwab will net the Canadian bank $13.9 billion after taxes and fees, executives said on an investor call Tuesday.

That works out to about C$20 billion, and TD plans to put C$8 billion of that toward share buybacks. The move takes advantage of its lower stock price, which sunk after sweeping US probes into ...