Toronto-Dominion Bank expects to raise about $14 billion through the sale of its entire stake in Charles Schwab Corp. as part of a corporate overhaul in the wake of its historic US money-laundering settlement.

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.

TD Bank Group has announced its intent to sell its entire equity investment in The Charles Schwab Corporation. The sale will be executed through a registered offering and a share repurchase agreement with Schwab, while TD will maintain a business relationship through its Insured Deposit Account (IDA) Agreement.

About three weeks ago, we heard stirrings that Toronto-Dominion Bank (TSE:TD) had an eye toward getting out from under its stake in Charles

TD Bank Group, the largest shareholder in Charles Schwab Corp., will offload its entire equity stake in the Westlake-based financial giant, currently valued at about $15 billion. Toronto-based TD Bank announced on Feb.