Toronto-Dominion Bank
TD Bank Group | |
Company type | Public |
ISIN | CA8911605092 |
Industry | Financial services |
Predecessors | |
Founded | February 1, 1955[note 1][1][2][3] |
Headquarters |
|
Key people | Commercial banking |
Revenue | CA$50.49 billion (2023)[4] |
$10.78 billion (2023)[4] | |
AUM | $450.5 billion (2023)[4] |
Total assets | $1.96 trillion (2023)[4] |
Total equity | $112.1 billion (2023)[4] |
Number of employees | 103,762 (FTE, 2023)[4] |
Divisions | TD Canada Trust |
Subsidiaries |
|
Website | www |
Toronto-Dominion Bank (French: Banque Toronto-Dominion), doing business as TD Bank Group (French: Groupe Banque TD), is a Canadian
In 2021, according to
The bank and its subsidiaries have over 89,000 employees and over 26 million clients worldwide.[8] In Canada, the bank operates through its TD Canada Trust division and serves more than 11 million customers at over 1,091 branches. In the United States, the company operates through their subsidiary TD Bank, N.A., which was created through the merger of TD Banknorth and Commerce Bank. TD Bank serves more than 6.5 million customers in the United States with a network of over 1,200 branches in sixteen states and the District of Columbia.[9]
History
The predecessors of the Toronto-Dominion Bank, the Bank of Toronto, and The Dominion Bank were established in the mid-19th century, the former in 1855 and the latter in 1869.[10] In 1954, an agreement was reached between the Bank of Toronto and The Dominion Bank to merge the two financial institutions. The merger was later accepted by the Canadian Minister of Finance on November 1, 1954, and was made official on February 1, 1955. The new institution adopted the name Toronto-Dominion Bank.[10]
In 1967, TD Bank opened its new head office, the Toronto-Dominion Centre in downtown Toronto.[10] In the next year, the bank entered into a partnership with Chargex (later known as Visa Inc.).[10] The TD Bank shield logo was unveiled to the public near the end of the decade, in 1969.[10]
In 1976, TD Bank piloted its first automated teller machine (ATM), the TD 360, which was renamed The Green Machine, a name it continues to carry.[11]
In 1987, Toronto Dominion Securities Inc. was established by the bank.[10] TD Bank saw growth in the 1990s, with the acquisition of several financial assets including the commercial branches of Standard Chartered Bank of Canada. In 1992, the bank acquired the assets and branches of Central Guaranty Trust, as well as Waterhouse Investor Services in 1996.
In 1992, TD Bank and G4S Cash Solutions, a subsidiary of British security services company G4S plc, began a pilot project in Toronto that developed into a nationwide partnership in 1997. G4S Cash Solutions secured the contract to transport cash and provide first-line maintenance for the bank's ATMs – both cash dispensing and deposit pick up units." By 2010, the partnership had expanded where G4S Cash Solutions operated 2,577 ATMs, 1,093 branch night deposits, 95 weekly balanced cash dispensers as well as eight cash dispensers for branch tellers and 100 across the pavement services and hosted a discussion on the introduction of polymer banknotes in 2011 with leading Canadian financial institutions.[12]
TD Bank formed a partnership with Bank of Montreal (BMO) and Royal Bank of Canada (RBC) in 1996 to create Symcor, a private entity that offers transaction services such as item processing, statement processing and cash-management services to major banks and retail and telecommunications companies in Canada. In 2011, Symcor produces close to 675 million statements and more than two billion pages of customer statements, and processes three billion cheques annually.[13][14]
In 1998, TD Bank and the Canadian Imperial Bank of Commerce agreed to a merger. However, the Government of Canada, at the recommendation of then Minister of Finance Paul Martin, blocked the merger, as well as another proposed merger between the Bank of Montreal and the Royal Bank of Canada – believing it was not in the best interest of Canadians.[15]
In 2000, Toronto-Dominion Securities bought Newcrest Capital for CA$224 million (75 per cent in stock and 25 per cent in cash).[16] In the same year, TD Bank also acquired Canada Trust, re-branding most of its commercial banking operations in Canada as TD Canada Trust.
Ultimately Martin would approve the merger of TD and Canada Trust with some conditions. The new bank sold Canada Trust's
In response, TD announced it would close 275 branches, representing 4,900 employees, to adhere to the ruling and to reduce overall costs. The Canadian Federation of Independent Business said the Competition Bureau's decision to ultimately approve the deal would reduce consumer choice while eliminating the chance to create a second-tier of Canadian banking by killing off the Trust industry in Canada.[18]
21st century
In 2002, TD Bank acquired Stafford Trading and Letco Trading. In the following year, TD Bank acquired
In 2004, TD Bank entered the American retail banking market, announcing an agreement to acquire the majority stake of Banknorth, a New England–based bank, for a total of US$3.8 billion.[19] Banknorth was later rebranded as TD Banknorth after the sale was finalized in March 2005.
In January 2006, the company sold its United States brokerage business branded as TD Waterhouse, which it had purchased in 1984, to Ameritrade. The business was renamed TD Ameritrade.
In April 2007, TD Bank acquired all remaining shares of TD Banknorth, transforming TD Banknorth into a fully owned subsidiary of TD Bank, and resulting in it being no longer traded on the
In 2010, the bank acquired the Florida-based Riverside National Bank of Fort Pierce; and the South Financial Group Inc. In the following year, TD Bank acquired Chrysler Financial, which was later rebranded as TD Auto Finance.[21] On December 1, 2011, TD Bank acquired MBNA's Canadian credit card business.[22] In October 2014, Affiliated Computer Services, a subsidiary of Xerox, acquired Symcor's U.S. operations from TD Bank.[23]
After
From 2014 to 2015, TD went through a minor restructuring which included job cuts and other cost-cutting measures, under the leadership of Bharat Masrani, which kept the stock price on a stable upward trend.[26]
In April 2020 it became apparent that TD Bank was a significant secured creditor involved in the voluntary administration of the Virgin Australia airline, which has debts of A$7 billion. The Virgin administrators declared TD Bank held an all present and after-acquired property charge over substantially the whole of the property of certain entities of the airline.[27]
In March 2021, TD Bank agreed to buy Headlands Tech Global Markets LLC from Headlands Technologies to enhance its automated fixed income trading platform.[28][29]
Bloomberg reported that TD Bank, along with Canada's other large banks, added ESG measures to their chief executive officers' compensation plans.[30]
On February 28, 2022, TD made a US$13.4 billion offer for First Horizon Corp., with 1,159 branches, expected to be completed in February 2023. This would be the second-largest bank deal since the Great Recession in the United States. As of December 31, 2021, TD had US$423.65 billion in U.S. assets, making it the ninth largest bank in the United States. If completed the deal would give TD 1,560 branches in 22 U.S. states.[31] On May 4, 2023, it was announced that the deal would not proceed due to regulatory uncertainty.[32]
In July 2022, TD Bank announced it was evaluating a takeover of US brokerage firm
In August 2023, TD Bank Group announced that it was expanding its share repurchase program. It planned to repurchase 90 million shares (about 4.9 percent of outstanding shares).[35]
Sponsorships
Toronto-Dominion Bank, and its subsidiaries, are title sponsors for a number of sporting venues in Canada and the United States. TD Bank holds the
Other indoor stadiums sponsored by TD Bank include
Controversies
In 2010, a suspicious customer trading at TD Bank in the UK was fined £750,000 (US$1.16 million) by the Financial Services Authority for intentionally mismarking his trading positions.[36]
News outlets reported the bank's policy regarding ordinary
A TD Bank document became the focus of a 2012 contempt hearing in Miami federal court. In a civil lawsuit against TD Bank, a jury found the bank liable for aiding alleged
In 2015, the Canadian news website the Halifax Examiner reported that a political action committee (PAC) established by TD Bank had donated over $50,000 to the campaigns of anti-LGBT rights politicians in the United States.[39] The article suggested that this was problematic given TD Bank's status as a sponsor of 41 LGBT Pride events across North America; TD Bank made no comment. In response to this article, on October 6, 2015, a motion was brought at the annual general meeting of Halifax Pride to sever ties with TD Bank if it did not provide a satisfactory response to the concerns; the motion was ultimately defeated.[40]
On March 10, 2017, the Canadian Broadcasting Corporation's (CBC) news programme Go Public reported that TD Bank employees had admitted that, under pressure to achieve sales targets, they had increased customers' lines of credit, overdraft amounts, and Visa credit limits without advising them which is against the law. One TD financial adviser says she "invested clients' savings into funds which were not suitable, because of the SR [sales revenue] pressure". Another admitted downplaying the risk of products saying: "I was forced to lie to customers, just to meet the sales revenue targets." In an internal letter to employees, Andy Pilkington, executive vice-president of branch banking, wrote: "We don't believe the [CBC] story is an accurate portrayal of our culture," but the report provided an opportunity "to pause, reflect and ask ourselves ... how we can do better for our people and our customers."[41] The bank's stock lost 5.55 per cent of its value on March 10, posting its worst day since 2009.[42]
In 2017, Greenpeace announced a campaign against TD's financing of tar-sands on the basis of environmental as well as human rights issues. Their campaign stated that tar sand pipelines are not consistent with a transition to a lower-carbon world and that many Indigenous and First Nations communities along the pipeline routes have not given permission for the projects.[43]
Following his ended relationship to private-banking with
In February 2022, TD Bank froze two personal bank accounts holding $1.1 million in funds, deposited to support the vaccine mandate protests in Ottawa.[50]
See also
Notes
- ^ The Toronto-Dominion Bank was a result of a merger between the Bank of Toronto and The Dominion Bank, finalized in 1955. The Bank of Toronto was established in 1855, whereas The Dominion Bank was established in 1869.
- ^ Thomas Bowers left Deutsche Bank in 2015 to be Chief Operating Officer (COO) at Starwood Capital Group and in 2016 was a director on the board at Opus Bank.[44]
References
- ^ "Historical Fast Facts". td.com. Toronto-Dominion Bank. Retrieved December 13, 2019.
- ^ "TD Bank Corporate History". td.com. Toronto-Dominion Bank. Retrieved December 13, 2019.
- ISBN 1-8964-1306-4.
- ^ a b c d e f "2023 Q4 Earnings Report" (PDF). Investor Relations. TD Bank Financial Group. Retrieved February 12, 2023.
- ^ "The world's 100 largest banks, 2021". S&P Global. December 8, 2021. Retrieved December 8, 2021.
- ^ "Financial Stability Board (FSB) news and analysis articles". Central Banking. Retrieved January 4, 2023.
- ^ "The Global 2000 2023". Forbes. Archived from the original on January 29, 2024. Retrieved February 7, 2024.
- ^ "Corporate Information". TD Bank. Retrieved August 7, 2015.
- ^ "About Us". TD Bank. Retrieved March 21, 2013.
- ^ a b c d e f "Our Roots". TD Bank Corporate. Toronto-Dominion Bank. 2019. Retrieved September 3, 2019.
- ^ "Historical Fast Facts". TD.com. Retrieved March 11, 2020.
- ^ Stemman, Roy, ed. (November 2010). "Nationwide cash service for world's second largest country". Value Solutions. Essex, UK: G4S. Archived from the original on May 7, 2015.
- ^ "Who We Are". Symcor. Archived from the original on March 15, 2013. Retrieved March 21, 2013.
- ^ Critchley, Barry (April 4, 2011). "Bank-owned Symcor misses on timing". National Post.
- ISBN 978-1554550098.
- ^ "TD Securities buys Newcrest Capital". CBC News. November 7, 2000.
- ^ a b Chase, Steven (May 8, 2000). "TD sells 13 retail branches". The Globe and Mail.
- ^ "TD takeover of Canada Trust good news for clients, bank says | CBC News".
- ^ "TD Bank buying majority stake in Banknorth for $3.8B US". CBC News. Canadian Broadcasting Corporation. August 26, 2004. Retrieved September 3, 2019.
- ^ "Frequently Asked Questions: TD Banknorth". Toronto-Dominion Bank. 2019. Retrieved September 3, 2019.
- ^ Blumenthal, Jeff (April 1, 2011). "TD Bank Financial completes purchase of Chrysler Financial". Philadelphia Business Journal. Retrieved March 21, 2013.
- ^ "TD buys MBNA's Canadian credit card business". CBC News. August 15, 2011. Retrieved March 21, 2013.
- ^ "Who We Are". Xerox. October 4, 2012. Archived from the original on January 16, 2014. Retrieved January 14, 2014.
- ^ Robertson, Grant; Perkins, Tara (December 13, 2010). "RBC, Manulife hit by ratings downgrades". The Globe and Mail. Toronto.
- Report on Business. June 28, 2012. Archived from the originalon June 30, 2012. Retrieved March 21, 2013.
- ^ Trichur, Rita; Dummett, Ben (February 12, 2015). "TD Bank Reviewing Costs; More Layoffs Possible". The Wall St. Journal. Dow Jones & Company. Retrieved December 2, 2019.
- ^ "Deloitte" (PDF).
- ^ "TD to Buy Headlands for Push Into Quantitative Bond Trading". Bloomberg.com. March 23, 2021. Retrieved May 7, 2023.
- ^ "TD purchases Chicago-based electronic bond trading platform Headlands". The Globe and Mail. March 23, 2021. Retrieved May 7, 2023.
- ^ Orland, Kevin (March 18, 2021). "CEO Pay Tied to ESG Sets Canadian Banks Apart From the Crowd - BNN Bloomberg". BNN. Retrieved March 18, 2021.
- ^ Craver, Richard (February 28, 2022). "First Horizon agrees to be sold to Toronto's TD Bank Group for $13.4 billion; deal would be second largest in U.S. since Great Recession". Winston-Salem Journal. Retrieved March 1, 2022.
- ^ Marchese, Adriano (May 4, 2023). "Toronto-Dominion Bank, First Horizon Terminate Merger Agreement". Wall Street Journal. wsj.com.
- ^ Hammond, Ed; Foerster, Jan-Henrik; Kirchfeld, Aaron (July 1, 2022). "Toronto-Dominion Bank Explores Takeover of US Brokerage Cowen". Bloomberg News.
- ^ a b c Orland, Kevin; Marotta, Stefanie (August 2, 2022). "TD to Buy Cowen for $1.3 Billion to Bulk Up Capital Markets". Bloomberg News.
- ^ "TD Bank Group reports profits down, rolls out expanded share buyback program". CTV News. Archived from the original on August 26, 2023. Retrieved February 25, 2024.
- ^ Muñoz, David Enrich, Cassell Bryan-Low and Sara Schaefer (September 22, 2011). "U.K. Sets Its Sights on 'Rogue' Traders". The Wall Street Journal.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ a b Kane, Laura (July 12, 2012). "Iranian-Canadians furious over closure of TD Bank accounts". Toronto Star. Retrieved October 7, 2015.
- ^ "Controversial TD Bank form was clear on flagging fraud". South Florida Business Journal. May 25, 2012. Retrieved January 13, 2014.
- ^ Ward, Jesse (July 24, 2014). "TD Bank: sponsoring Pride and politicians who are against marriage equality". Halifax Examiner. Retrieved October 7, 2015.
- ^ "Halifax Pride 2015 AGM Summary". Halifax Pride. October 6, 2015. Retrieved October 7, 2015.
- ^ Johnson, Erica (March 10, 2017). "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired". CBC News. Retrieved April 9, 2018.
- ^ Berman, David; Bradshaw, James (March 10, 2017). "$7-billion wiped out in one day: Why TD stock took its sharpest drop since the financial crisis". The Globe and Mail.
- ^ "Q & A: Why campaign against TD Bank over tar sands pipelines?". greenpeace.org. Greenpeace Canada. September 22, 2017. Retrieved June 7, 2022.
- ^ Former Deutsche Bank Exec Connected to Trump Loans Dies by Suicide in Malibu
- ^ TD Bank took Epstein money after Deutsche Bank kicked him out
- ^ "Jeffrey Epstein's Private Banker at Deutsche & Citi Found Swinging From a Rope:; Executive 'Suicide' Before FBI Could Question Him". December 3, 2019. Archived from the original on December 4, 2019. Retrieved December 4, 2019.
- ^ "The Epstein Connection: Follow The Money". December 5, 2019. Archived from the original on April 24, 2021. Retrieved April 24, 2021.
- ^ Pagones, Stephanie (July 7, 2020). "Deutsche Bank penalized $150M for Jeffrey Epstein relationship". FOXBusiness. Retrieved July 19, 2021.
- ^ Byrne, Paul; Allen, Peter (September 2019). "Jeffrey Epstein's 'fixer' who ran major modelling agency vanishes 'like a ghost'". Mirror. Archived from the original on June 11, 2020. Retrieved June 11, 2020.
- ^ Saminather, Nichola (February 12, 2022). "TD Bank freezes accounts that received money for Canada protests". www.reuters.com. Reuters. Retrieved February 15, 2022.
Further reading
- Schull, Joseph, 100 years of banking in Canada: a history of the Toronto-Dominion Bank illustrated by Brad Smith. Vancouver: Copp Clark, c1958. ix, 222 p.: ill.; 24 cm.
External links
- Media related to Toronto–Dominion Bank at Wikimedia Commons
- Official website