Toronto-Dominion Bank will exit its investment in Charles Schwab, the Canadian bank’s first big move under new CEO Raymond Chun to shore up its business following a costly money-laundering scandal.

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Elliott Investment Management has built an over $2.5 billion stake in U.S. oil refiner Phillips 66 , a person familiar with the matter said on Monday, days after the activist investor took a stake in London-listed oil major BP .