TD bank reinstates medium term growth target, focuses on high fee segments

TORONTO, Sept 29 (Reuters) - TD Bank TD.TO on Monday forecast return on equity of about 16% for the next four years, reinstating a growth target it suspended in December as it recovered from a historic $3 billion fine in the United States for anti-money laundering failings.

The lender said a part of its focus will be on high fee businesses such as wholesale banking and wealth management. It plans to add more wealth management advisors, U.S retail financial advisors and investment specialists.

The bank, Canada's second-largest lender, hosted its first investor day since pleading guilty to multiple U.S. money laundering charges, including conspiracy to commit money laundering and failing to maintain an effective anti-money laundering program.

The lender said it expects adjusted earnings per share to grow between 7% and 10% as part of its medium term fiscal 2029 target.