Canada's Toronto-Dominion Bank said it would offload its entire 10.1% stake in U.S. financial services firm Charles Schwab for about $14.6 billion, as part of a strategic review undertaken following a landmark U.

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Toronto-Dominion Bank will exit its investment in Charles Schwab, the Canadian bank’s first big move under new CEO Raymond Chun to shore up its business following a costly money-laundering scandal.