TD is selling its entire investment in Charles Schwab, representing 10.1% of economic ownership for what a source close to the matter expects to fetch $14 billion. Schwab, according to a Monday announcement, has agreed to repurchase $1.5 billion of its shares from TD, conditional on the completion of a registered offering.

Selling its remaining 10.1% ownership for an estimated US$14-billion as the bank remediates anti-money-laundering failings and rejigs balance sheet to comply with U.S. restrictions

The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.