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TD INVOLVED IN DRUG MONEY LAUNDERING, WSJ REPORT ALLEGES

Severity of the allegations means bank could face stiff fines, business limitations, says analyst

Ally Financial sells stake in Chinese joint venture to GM

Reuters
General Motors World Headquarters is seen in downtown Detroit June 10, 2014. REUTERS/Rebecca Cook (Reuters)

NEW YORK (Reuters) - Ally Financial Inc said on Monday that it completed the sale of its stake in a joint venture with a Chinese auto lender to General Motors Co for $1 billion. Ally, the largest U.S. auto lender and former in-house financing arm of GM, expects the sale of its 40 percent interest in SAIC-GMAC Automotive Finance Company Limited to boost first-quarter profits by around $400 million after taxes. (Reporting by Peter Rudegeair; Editing by Meredith Mazzilli)