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Korea Herald
21 hours ago
- Politics
- Korea Herald
Will Yoon Suk Yeol meet same bitter end as his predecessors?
With ousted President Yoon Suk Yeol's trial set to run until mid-December, he won't face a verdict until almost seven months after new president is elected on June 3. The Criminal Act stipulates that those convicted of leading an insurrection face either death penalty or life imprisonment. Experts The Korea Herald spoke to said he was likely to be found guilty and face a prison sentence. 'Yoon's martial law declaration did not cause significant injuries or deaths like ex-President Chun Doo-hwan's Gwangju massacre in 1980. I expect the court to sentence him to life imprisonment rather than the death penalty,' a former research judge at the Constitutional Court Noh Hee-bum told The Korea Herald. Lee Yun-ju, a law professor at Myongji University, expected a similar fate for Yoon. 'I think Yoon, who is a former prosecutor, knows that he cannot be acquitted in the criminal trial. He continues to politicize the trial, like how he expressed his support for conservative party's presidential candidate Kim Moon-soo. Yoon plans to wait for a potential special pardon provided by the conservative People Power Party after the conservative party (hypothetically) retains power in the June 3 election,' said Lee. Though the ousted president's future remains uncertain until the Supreme Court of Korea to hand down its final verdict, Yoon is expected to become a part of the troubled history of South Korea's former presidents. Here is a list of presidents who once stood at the pinnacle of power and saw their careers end in disgrace. In 1995, former President Chun Doo-hwan and another former President Roh Tae-woo became the first two former presidents to be arrested. Chun, who not only seized power through a 1979 coup, but also masterminded the massacre that quelled the Gwangju Democratic Uprising in 1980, were indicted on charges of insurrection, treason, bribery and corruption in 1996. Roh, who became president by beating a divided field in the democratic election that followed Chun's ouster, was tried for his role in the 1979 military coup as well. Though Seoul District Court sentenced Chun to death and handed down a prison term of 22 years and six months to Roh with its first trial verdict, the Supreme Court of Korea reduced Chun's punishment to life imprisonment and Roh's sentence by five years. The two former presidents were pardoned by former President Kim Young-sam in 1997, after serving two years in prison. Two other former presidents — Park Geun-hye and Lee Myung-bak — have seen cases go all the way to a trial verdict. Park, the first elected president to be removed from office by the Constitutional Court, was indicted on multiple charges, including bribery, abuse of power and coercion in 2017. In its 2018 ruling, the court found Park guilty of 16 out of the 18 charges and sentenced her to 24 years in prison. Park spent four years and nine months behind bars, as she was pardoned by her successor, President Moon Jae-in. Ex-President Lee was charged in April 2018 on 16 criminal counts including embezzlement and bribery. A district court found him guilty of seven counts and sentenced him to 15 years in prison in its first trial verdict in October 2018. However, Lee only spent two years and six months in prison, as he was pardoned in 2022 by former President Yoon. Former President Roh Moo-hyun died by suicide amid an investigation targeting him and his family over bribery charges in 2009.
Vancouver Sun
23-05-2025
- Business
- Vancouver Sun
TD Bank cutting 2% of workforce as part of restructuring effort
TD Bank Group said Thursday that it's cutting about two per cent of its workforce as the bank works to reduce costs and refocus spending under new leadership. The job cuts amount to a little over 2,000 employees based on the roughly 101,800 employees it had last year. TD made the announcement as it reported a second-quarter profit of $11.1 billion, though earnings included an $8.6 billion after-tax boost from the sale of its shares in the Charles Schwab Corp. The share sale, and the job cuts, come as TD continues to work to move past its massive anti-money laundering oversight scandal that saw it pay over US$3 billion in fines last year, led U.S. regulators to put limits on its assets there, and resulted in former CEO Bharat Masrani stepping down. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Current chief executive Raymond Chun, who took on the role at the start of the second quarter, said the bank is working to turn the page. 'We are structurally reducing costs across the bank by taking a disciplined look at our operations and processes,' said Chun on an earnings call Thursday. 'I want to thank our colleagues across the bank for their tremendous dedication and efforts. Together, we are writing the next chapter of this great institution's story.' The job cuts come as part of a wider restructuring that will see the bank also cut back on some real estate, wind down some business and write off some assets as part of its strategic review, said chief financial officer Kelvin Tran. He said the bank will look to achieve the job cuts whenever possible through attrition and will also shift employees to areas where it's working to expand its capabilities. TD took a $163 million pre-tax charge in the quarter from the restructuring, mostly from real estate, while it expects around $650 million in pre-tax charges over the next several quarters from severance and other costs. It said the restructuring should lead to around $600 million in annual pre-tax savings when complete, money the bank plans to plow back into the business such as artificial intelligence and technology, said Tran. 'Through this restructuring program and the strategic review more broadly, we are innovating to drive efficiency and structurally reduce the bank's cost base,' he said. The moves also come as companies everywhere grapple with macroeconomic uncertainty and hesitant consumers and businesses. Chun noted housing activity was down in the quarter, while the bank has also seen moderated foreign currency spending as consumers are more cautious, especially with cross-border purchases. But the bank's provisions for potentially bad loans rose only modestly in the quarter, up $103 million from the previous quarter to $1.2 billion, or up $211 million from the same quarter last year. The provisions build was lower than analysts expected, helping TD's adjusted earnings of $1.97 per diluted share easily beat the $1.76 per share profit analysts had expected, according to LSEG Data & Analytics. The measure was still down from the $2.04 a share the bank made in the same quarter last year. Jefferies analyst John Aiken said in a note that TD came in ahead of expectations in most segments, though he wonders if the market will see the provisions as enough for the uncertainty ahead. TD said the provisions increase was related to policy and trade uncertainty, while it otherwise would have likely seen rates potentially coming down as consumers benefit from lower interest rates. Revenue for the quarter totalled $22.9 billion, up from $13.8 billion in the same quarter last year. TD said its Canadian personal and commercial banking business earned just under $1.7 billion in its latest quarter, down from just over $1.7 billion in the same quarter last year as it saw higher provisions for credit losses and non-interest expenses, partially offset by higher revenue. TD's U.S. retail operations earned $120 million in the second quarter, down from $507 million a year earlier. The bank's wealth management and insurance business earned $707 million in its latest quarter, up from $621 million a year ago. TD's wholesale banking division earned $419 million, up from $361 million in the same quarter last year. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Yahoo
22-05-2025
- Business
- Yahoo
TD Plans to Cut About 2% of Workforce Amid Restructuring
(Bloomberg) -- Toronto-Dominion Bank rose after reporting earnings that topped estimates and unveiling a restructuring plan to curb costs that included workforce reductions. Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy NJ Transit Makes Deal With Engineers, Ending Three-Day Strike NYC's War on Trash Gets a Glam Squad The bank will cut about 2% of its workforce, or roughly 2,000 jobs, as part of the program it started in the second quarter. The restructuring will cost up to C$700 million ($505 million) on a pre-tax basis over the next several quarters, TD said in a statement Thursday. The bank expects to deliver about C$100 million in pre-tax savings this fiscal year from the effort and annual savings of up to C$650 million beyond that. TD's average number of full-time equivalent staff rose to 101,272 at the end of April, it said in its financial results. The bank's shares climbed as much as 4.4% on Thursday, the biggest intra-day gain since mid-January, after it reported earnings that surpassed analyst predictions. It earned C$1.97 per share on an adjusted basis in its fiscal second quarter, beating the C$1.78 average forecast. The firm also set aside C$1.34 billion to cover souring loans for the three months through April, less than the C$1.41 billion analysts predicted. That was despite what Chief Executive Officer Raymond Chun called a 'high degree of macroeconomic and policy uncertainty' on US tariffs. 'There are no quick fixes to the challenges our country is confronting,' Chun said on a call with analysts. While he's optimistic that talks with the US will be productive in the wake of Canada's recent federal election, 'this is going to take time and considerable effort,' he said. Chun took over as CEO in February and has embarked on a strategic review in the wake of TD agreeing to pay almost $3.1 billion to settle with US authorities last year over anti-money-laundering failures. The firm is also constrained from growing its American retail assets and has said it will direct new capital spending to its domestic banking and capital-markets operations. Toronto-Dominion will announce its revised strategy and new financial targets at an investor day on Sept. 29, it said Thursday. Kelvin Tran, the bank's chief financial officer, said the cost-cutting program is part of the strategic review and is aimed at finding efficiencies in part by automating processes. 'We're looking at how we can structurally reduce costs across the bank,' he said in an interview, adding that some of the employee exits will be 'managed through attrition.' A spokesperson for the bank said it had already started internally announcing some of the reductions, which affect its global staff. Under its plan, the bank has already incurred C$163 million of pre-tax restructuring charges, tied to 'real estate optimization, employee severance and other personnel-related costs, and asset impairment and other rationalization, including certain business wind-downs,' TD said. Headline Beat Toronto-Dominion is the first of its large rivals to report earnings since US tariffs on a range of Canadian imports kicked in, raising the specter of slowing growth and job losses. That's focused attention on the credit quality of businesses and consumers — and on the money lenders are setting aside in case they start to default on their debt. TD set aside less money than expected for impaired loans this quarter but provisioned C$395 million for loans that are still in good standing but could face risks down the road. That was up from a release of C$4 million for performing loans in the first quarter. 'This quarter we saw strong execution across our businesses. The Canadian personal and commercial banking segment delivered growth on both sides of the balance sheet,' Chun said on the earnings call. The bank's wealth-management and insurance division as well as its capital-markets business also saw revenue growth in the period, TD said. 'Better than expected results reflected strength across all segments compared to our estimates,' Royal Bank of Canada analysts led by Darko Mihelic said in a note to clients. 'Overall, a positive result on the headline beat, which should drive the shares higher,' said Bank of Nova Scotia analysts led by Mike Rizvanovic. Toronto-Dominion has ample capital — it raised $13.9 billion after selling its 10.1% stake in Charles Schwab Corp. earlier this year — and plans to buy back up to C$8 billion worth of its shares. Its stock has steadily climbed after settling the US money-laundering probes. (Updates with shares, comments from analyst call and more detail throughout.) 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Yahoo
22-05-2025
- Business
- Yahoo
Canada's TD Bank profit falls on hit from higher bad loan provisions
(Reuters) -TD Bank reported a fall in second-quarter profit on Thursday, as the Canadian lender stockpiled money to cover for potential bad loans in an uncertain economic environment. The results from the country's second-biggest bank offer a glimpse into the impact of the tariff chaos on the Canadian economy. Trade uncertainty is expected to result in higher credit losses and weaker loan growth as sentiment takes a hit from the changing outlook. In the second quarter, TD's provision for credit losses jumped to C$1.34 billion ($965.5 million) from C$1.07 billion a year earlier. "TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian Personal and Commercial Banking," CEO Raymond Chun said in a statement. "We are operating in a fluid macroeconomic environment," Chun said. TD is also undergoing a broad-based strategic review as the new leadership looks to simplify the business and turnaround the bank after its anti-money laundering problems. Chun, a longtime TD Bank executive, took the helm in February. Meanwhile, TD's wholesale banking arm - which houses its capital markets and investment banking businesses - reported record revenue of C$2.13 billion, a 10% jump from a year earlier. Uncertainty stemming from U.S. trade policy injected heightened market volatility, spurring trading activity as investors aggressively rejigged their portfolios. Among transactions in the quarter, TD Securities was the lead left bookrunner on the $13.1 billion secondary offering of Charles Schwab shares by TD, one of the largest equity market deals ever. TD kicks off the earnings season for Canadian lenders, with rival big banks set to report their results next week. The bank posted adjusted net income of C$3.63 billion, or C$1.97 per share, for the three months ended April 30, compared with C$3.79 billion, or C$2.04 per share, a year earlier. TD shares have gained 17.5% this year, outperforming rival banks. ($1 = 1.3878 Canadian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Canada's TD Bank profit falls on hit from higher bad loan provisions
(Reuters) -TD Bank reported a fall in second-quarter profit on Thursday, as the Canadian lender stockpiled money to cover for potential bad loans in an uncertain economic environment. The results from the country's second-biggest bank offer a glimpse into the impact of the tariff chaos on the Canadian economy. Trade uncertainty is expected to result in higher credit losses and weaker loan growth as sentiment takes a hit from the changing outlook. In the second quarter, TD's provision for credit losses jumped to C$1.34 billion ($965.5 million) from C$1.07 billion a year earlier. "TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian Personal and Commercial Banking," CEO Raymond Chun said in a statement. "We are operating in a fluid macroeconomic environment," Chun said. TD is also undergoing a broad-based strategic review as the new leadership looks to simplify the business and turnaround the bank after its anti-money laundering problems. Chun, a longtime TD Bank executive, took the helm in February. Meanwhile, TD's wholesale banking arm - which houses its capital markets and investment banking businesses - reported record revenue of C$2.13 billion, a 10% jump from a year earlier. Uncertainty stemming from U.S. trade policy injected heightened market volatility, spurring trading activity as investors aggressively rejigged their portfolios. Among transactions in the quarter, TD Securities was the lead left bookrunner on the $13.1 billion secondary offering of Charles Schwab shares by TD, one of the largest equity market deals ever. TD kicks off the earnings season for Canadian lenders, with rival big banks set to report their results next week. The bank posted adjusted net income of C$3.63 billion, or C$1.97 per share, for the three months ended April 30, compared with C$3.79 billion, or C$2.04 per share, a year earlier. TD shares have gained 17.5% this year, outperforming rival banks. ($1 = 1.3878 Canadian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
