'Incorrectly priced' instruments cost TD $96M
The securities arm of the Toronto-Dominion Bank has "regrettably" identified a huge problem from "incorrectly priced financial instruments" in its London office.
TD Securities said Friday that the problem will cost it about $96 million pre-tax.
"This situation is associated with the activities of an individual who is no longer with the company," it said in a release.
"We are very disappointed that this has occurred," said Ed Clark, president and CEO. "We deeply regret this incident."
The bank said it has advised regulators and is co-operating with them.
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