TD Suspends Growth Guidance in Wake of Historic Settlement (2)

Toronto-Dominion Bank suspended its medium-term financial targets amid a review of company strategy as the incoming chief executive officer seeks to move the lender past a historic money-laundering settlement with US authorities.

Canada’s No. 2 bank is “is currently undertaking a strategic review of organic opportunities and priorities, productivity and efficiency initiatives, and capital allocation alternatives,” it said in a statement Thursday. During the review, Toronto-Dominion is suspending medium-term financial targets for earnings growth, return on equity and operating leverage.

“We are looking at our business mix, including profitability and risk-adjusted return on capital, and where we need to invest ...