While TD’s exit from Schwab is a financial decision, it also underscores the bank’s efforts to regain control over its U.S. operations amid heightened scrutiny.
Legal Counsel and Closing Conditions
The deal remains subject to final closing procedures, with Wachtell, Lipton, Rosen & Katz advising Schwab, while Allen Overy Shearman Sterling US LLP represents the underwriters.
With TD Bank walking away from Schwab but maintaining business ties through insured deposit agreements, the two financial titans may be parting ways on ownership—but their relationship is far from over.
