TORONTO - TD Bank (TSX:TD) Group has projected a decrease in its investment returns from Charles Schwab (NYSE:SCHW) for the first quarter of fiscal 2024, indicating a broader trend of financial challenges within U.S. banking sectors. The forecasted equity net income from Schwab is expected to be C$141 million, a significant drop from the C$285 million reported in the previous year.
The bank has also made adjustments for various expenses and costs, including acquisition-related expenses, restructuring costs, FDIC assessments, and the amortization of intangibles. After these adjustments, TD Bank's contribution from Schwab is estimated at approximately C$230 million. This anticipated decline in returns is reflective of the current economic environment that U.S. banks are navigating.
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