G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Bank of Montreal merger, along with a similar proposal by the Toronto-Dominion Bank to merge with the Canadian Imperial Bank of Commerce. In December 2000, the banks were successful in merging their credit and debit card processing services to form Moneris Solutions. In 2006, BMO bought BCPBank, a Schedule C financial institution that was the Canadian division of Banco Comercial Português, with eight branches in the Toronto-West area. BMO bought Griffin, Kubik, Stephans, and Thompson (GKST) in 2008, a Chicago-based firm that specializes in municipal bonds, U.S. Treasury and agency debt, and mortgage-backed securities with approximately 100 employees handling sales, trading, research, public