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The U.S. bank has since been trying to temper public outrage, and its board and management have been conducting a review to examine how these practices spread. Last month, Wells Fargo fired one executive and three senior managers, according to the Associated Press.

The CBC News report published on Friday cited “hundreds of current and former TD Bank Group employees” who described a “poisoned” and “stress inducing” work environment.

Some of these employees told CBC News that they broke the law with some of their tactics in an effort to reach quarterly sales goals, or risk termination.

The Financial Consumer Agency of Canada says it is aware of allegations of financial institutions signing up consumers up for products without providing all the required information, particularly regarding fees.

“When products are offered, the bank must obtain the consumer’s express consent and disclose key information about the product or service…. Banks are also required to disclose to consumers certain key information about fees, costs and penalties for products or services,” the FCAC said in an email.

Toronto-Dominion shares dropped 5.5 per cent to $66.15 in Toronto on Friday, the biggest decline since January 2009 and the worst performance in the eight-company S&P/TSX Commercial Banks Index.

Ratings agency DBRS said that while the allegations are not on the same level as those against Wells Fargo and that it does not anticipate any changes to TD’s rating as a result, it is monitoring the situation for any potential “reputational damage.”

“Given its relatively high rating level and the importance of the Canadian retail-banking sector to TD, DBRS has limited tolerance for any adverse impact to TD’s franchise strength and/or earnings power, both of which are key underpinnings of the Bank’s credit profile and overall credit ratings,” DBRS said in a report issued Friday afternoon.

Financial Post

With files from Reuters and the Associated Press