Toronto-Dominion Bank
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| Toronto-Dominion Bank | |
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| Bank name | Toronto-Dominion Bank |
| Founded | 1955 |
| Headquarters | Toronto, Ontario, Canada |
| Key people | Bharat Masrani, Brian Levitt |
Toronto-Dominion Bank is a major Canadian bank with operations in North America, offering a wide range of financial services to its customers, including Royal Bank of Canada, Scotiabank, Bank of Montreal, and Canadian Imperial Bank of Commerce. The bank has a long history, dating back to the merger of Bank of Toronto and Dominion Bank in 1955, and has since grown through acquisitions, including the purchase of Canada Trust in 2000 and Commerce Bank in 2008, with the help of Goldman Sachs and Morgan Stanley. The bank is led by Bharat Masrani, who has been the President and CEO since 2014, and has a strong presence in the Canadian market, competing with other major banks, such as Royal Bank of Canada and Scotiabank, as well as US banks like JPMorgan Chase and Bank of America.
● History
The history of the bank dates back to 1855, when the Bank of Toronto was founded by a group of businessmen, including George Denison, Henry Rowsell, and William McMaster, with the help of Queen Victoria and the British Empire. The Dominion Bank was founded in 1869, and the two banks merged in 1955 to form the Toronto-Dominion Bank, with the assistance of Bay Street and the Toronto Stock Exchange. Over the years, the bank has grown through acquisitions, including the purchase of Canada Trust in 2000 and Commerce Bank in 2008, with the help of Goldman Sachs and Morgan Stanley. The bank has also expanded its operations into the United States, with the acquisition of Commerce Bank and the establishment of TD Bank, N.A., with the support of Federal Reserve and US Treasury Department.
● Corporate Structure
The bank is led by Bharat Masrani, who has been the President and CEO since 2014, and is headquartered in Toronto, Ontario, Canada, with a strong presence in the Canadian market, competing with other major banks, such as Royal Bank of Canada and Scotiabank, as well as US banks like JPMorgan Chase and Bank of America. The bank is organized into several business segments, including Canadian Personal and Commercial Banking, US Personal and Commercial Banking, and Wholesale Banking, with the help of Deloitte and KPMG. The bank is listed on the Toronto Stock Exchange and the New York Stock Exchange, and is a member of the S&P/TSX 60 index, along with other major Canadian companies, such as Enbridge, Suncor Energy, and Royal Bank of Canada.
● Financial Performance
The bank has consistently reported strong financial performance, with net income of CAD 11.3 billion in 2020, and total assets of CAD 1.7 trillion, making it one of the largest banks in Canada, along with Royal Bank of Canada, Scotiabank, and Bank of Montreal. The bank has a strong capital position, with a Common Equity Tier 1 (CET1) ratio of 12.1% as of 2020, and has been recognized for its financial stability by Moody's Investors Service, Standard & Poor's, and Fitch Ratings, as well as Bank of England and European Central Bank. The bank has also been named one of the World's Best Banks by Forbes and one of the Best Places to Work by Glassdoor, along with other major companies, such as Google, Microsoft, and Amazon.
● Products and Services
The bank offers a wide range of financial products and services to its customers, including personal and commercial banking, wealth management, and wholesale banking, with the help of Visa, Mastercard, and American Express. The bank's personal banking products include chequing accounts, savings accounts, and credit cards, such as TD Cash Credit Card and TD First Class Travel Visa Infinite Card, as well as mortgages and loans from Canada Mortgage and Housing Corporation and US Department of Housing and Urban Development. The bank's commercial banking products include cash management, trade finance, and equipment financing, with the support of Export Development Canada and US Export-Import Bank. The bank also offers wealth management services, including investment advice and portfolio management, through its TD Wealth division, with the help of BlackRock and Vanguard Group.
● Controversies
The bank has been involved in several controversies over the years, including a CAD 2.5 billion settlement with the US Department of Justice in 2011 over allegations of money laundering and terrorist financing, with the assistance of Federal Bureau of Investigation and Internal Revenue Service. The bank has also faced criticism for its role in the 2008 financial crisis, and has been the subject of several class action lawsuits in Canada and the United States, including US District Court for the Southern District of New York and Ontario Superior Court of Justice. In 2020, the bank faced criticism for its handling of COVID-19 relief programs, including the Canada Emergency Response Benefit and the US Paycheck Protection Program, with the support of Government of Canada and US Congress.
● International Operations
The bank has a significant presence in the United States, with over 1,300 branches and CAD 340 billion in assets, and also operates in several other countries, including United Kingdom, Mexico, and China, with the help of HSBC, Banco Santander, and Industrial and Commercial Bank of China. The bank's international operations are managed through its TD Bank, N.A. subsidiary, which is headquartered in Cherry Hill, New Jersey, and is a member of the Federal Reserve System, along with other major US banks, such as JPMorgan Chase and Bank of America. The bank has also established partnerships with other financial institutions, including CIBC, Scotiabank, and Royal Bank of Canada, to expand its international reach, with the support of World Bank and International Monetary Fund.