chrysler financial

TD Bank reached a $6.3 billion deal on Tuesday to acquire Chrysler Financial, marking the second acquisition by a Canadian bank of a U.S. financial institution in the past week alone.

• TD Bank Group (NYSE: TD) announced Tuesday that it has agreed to acquire Chrysler Financial for cash consideration of $6.3 billion from Cerberus Capital Management.
  
  TD, the second largest bank in Canada, said the purchase will consist of net assets of $5.9 billion and roughly $400 million in goodwill.
  
  "This transaction represents a unique opportunity to purchase a great organic growth platform at an attractive price," said Ed Clark, Group President and CEO, TD.
  
  "Chrysler Financial is a well-run business with the capacity for significantly higher returns over the next several years.

Toronto-Dominion Bank has agreed to buy Chrysler Financial, the automaker's old lending arm, from private equity firm Cerberus Capital Management LP for $6.3 billion.

Chrysler's former financial arm said Tuesday that it will reduce its work force by 9 percent, or more than 300 employees, as it restructures operations after losing its preferred lender status with the automaker.

Chrysler's former financial arm says it will reduce its workforce by 9 percent as it restructures and closes a customer service center in Overland Park, Kansas.

Chrysler Financial says it's temporarily suspending financing for Chrysler dealers effective immediately.