Posted AT 8:02 PM EST on 04/07/08
Rogue trader costs TD
Toronto-Dominion Bank, which painstakingly avoided the subprime mortgage trouble that forced its peers to take massive subprime writedowns, said it was taking a $96-million hit on Friday after discovering that a London trader had deceived the bank about the value of securities he traded.
The bank will now join the ranks of its competitors pushed to review their risk controls in recent months.
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