08:36 AM EST, 01/22/2025 (MT Newswires) -- TD Bank Group (TD.TO, TD) on Wednesday said it expects Charles Schwab's fourth-quarter earnings will contribute $231 million in net income to the Bank's fiscal first quarter.

The announcement comes just days after Andrew Willis at The Globe and Mail said incoming TD boss Ray Chun, who will take the reins in April, has got an "opportunity to boost performance and -- more importantly -- put his stamp on leadership" by selling the bank's 10% stake in Charles Schwab. Willis said the more than US$13 billion in proceeds should be used to buy back TD shares.

"TD is adrift, strategically, in the wake of its US$3.09-billion settlement with U.S. regulators last October," Willis wrote.

TD will release its first quarter financial results on Feb. 27.