The Globe and Mail reports in its Tuesday edition that TD Bank is adrift, strategically, in the wake of its $3.09-billion (U.S.) settlement with American regulators and law enforcement last October. The Globe's Andrew Willis writes that chief executive officer Bharat Masrani's growth plan focused on bulking up in U.S. retail banking, an approach that is now in tatters. The sanctions imposed last fall over violations of anti-money-laundering (AML) rules include a cap on TD's U.S. banking assets. Incoming CEO Ray Chun has promised to unveil the bank's path forward later this year. The long timeline is tough to understand. Mr. Chun could only have won the top job last fall by presenting TD's board with a vision for a post-AML-penalty future. Mr. Chun has an opportunity to boost performance and put his stamp on leadership by selling TD's 10-per-cent stake in Charles Schwab and use the $13-billion-(U.S.)-plus in proceeds to buy back TD shares. The math behind a sale is compelling. TD could sell Schwab stock trading at 18 times its forecast 2025 earnings per share and buy back massive amounts of its own stock, which trades at 10 times earnings, CIBC analyst Paul Holden pointed out in a report on Monday. Buy low, sell high.