Canada’s Toronto and Dominion Bank has launched a search for a London office ahead of a move this summer.
The hunt comes after the company’s deal to take the top four floors of Brookfield’s One Leadenhall, EC3, at a rent of £132 per sq ft, fell through. Sources close to the deal said the leasing fell apart after failing to receive board approval.
TD Bank is now understood to be out searching with a requirement of 50,000 sq ft ahead of a move away from the company’s office at 60 Threadneedle Street, EC2, where it has been based since 2009, according to EG Radius data.
The bank’s top team has been through a period of upheaval after the company pleaded guilty to violations of the Bank Secrecy Act and money laundering in a court in New Jersey in the US, last year, and agreed to pay over $1.8bn (£1.4bn) in penalties.
In addition, the company accelerated the appointment of Raymond Chun, current chief operating officer, as the new chief executive and group president and announced new tighter term limits for board members. Five directors are set to retire at the annual meeting of shareholders this year.
TD Bank declined to comment.
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