TD Bank is facing a $96-million hit due to pricing errors
in TD Securities’ London, UK office.

The bank said TD Securities uncovered incorrectly priced financial instruments in its London office. “This situation is associated with the activities of an individual who is no longer with the company,” the bank said Friday in a release.

The company said it has advised the appropriate regulatory authorities and is fully cooperating with them.

“We are very disappointed that this has occurred,” said Ed Clark, president and CEO of TD Bank Financial Group. “Our company has a strong risk culture and we deeply regret this incident. We take this very seriously and will make every effort to ensure that this doesn’t happen again.”