|TD Bank Group|
|Traded as||NYSE: TD|
S&P/TSX 60 component
|Predecessors||Bank of Toronto|
The Dominion Bank
|Bharat Masrani, CEO|
|Revenue||$36.1 billion CAD (F2017)|
|$10.5 billion CAD (F2017)|
|Total assets||$1.2 trillion CAD (F2017)|
Number of employees
|85,000 (FTE, F2014)|
|Divisions||TD Canada Trust|
TD Bank, N.A.
TD Asset Management
|Website||TD Bank Group|
The Toronto-Dominion Bank (French: Banque Toronto-Dominion) is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Commonly known as TD and operating as TD Bank Group (French: Groupe Banque TD), the bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively.
In 2017, according to Standard & Poor's, TD Bank Group was the largest bank in Canada by total assets, the second largest by market capitalization, a top-10 bank in North America, and the 26th largest bank in the world.
The bank and its subsidiaries have over 85,000 employees and over 22 million clients worldwide. In Canada, the bank operates as TD Canada Trust and serves more than 11 million customers at over 1,150 branches. In the United States, the company operates as TD Bank (the initials are used officially for all U.S. operations). The U.S. subsidiary was created through the merger of TD Banknorth and Commerce Bank, and it serves more than 6.5 million customers with a network of more than 1,300 branches in the eastern United States.
Partners in outsourcing
G4S Cash Solutions
In 1992, G4S Cash Solutions, a subsidiary of British security services company G4S plc, began a pilot project with TD Bank 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 automated teller machines (ATMs) – both cash dispensing and deposit pick up units." By 2010, 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.
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. As of 2011, Symcor produces close to 675 million statements and more than two billion pages of customer statements, and processes three billion cheques annually.
Mergers and acquisitions
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- The Dominion Bank and the Bank of Toronto – 1955
- Standard Chartered Bank of Canada Commercial branch – 1990s
- Central Guaranty Trust (acquisition of assets and branches) – 1992
- Waterhouse Investor Services – 1996
- TD and Canadian Imperial Bank of Commerce announced a merger, but it did not proceed – 1998 (Paul Martin, then Finance Minister, declared the merger void as not in the best interest of Canadians)
- Newcrest Capital – 2000, for $224 million (75% stock and 25% cash)
- Canada Trust – 2000
- Stafford Trading and Letco Trading – 2002
- Laurentian Bank retail branches (Ontario-BC) – 2003
- Banknorth NA – 2005
- Commerce Bancorp – 2007 (this created TD Bank, N.A., due to naming issues)
- Riverside National Bank of Fort Pierce, Florida – 2010
- The South Financial Group Inc. – 2010 (full transition completed in June 2011)
- Chrysler Financial – April 2011
- MBNA Canada's credit card business – 1 December 2011
- Layer 6 AI – January 2018
TD Bank and its subsidiaries own the naming rights to the following venues:
- TD Garden in Boston, Massachusetts, United States
- TD Place Arena in Ottawa, Ontario, Canada
- TD Place Stadium in Ottawa, Ontario, Canada
- TD Stadium in London, Ontario, Canada
Credit agency ratings
After Moody's Investor Service downgraded the credit worthiness of Royal Bank of Canada to Aa1 on December 13, 2010, TD Bank was the only of Canada's Big Five banks with a top Aaa credit rating (at the time, CIBC was Aa2, Scotiabank was Aa1 and Bank of Montreal was Aa2). It is also ranked number 1 in the Top 1000 2012 listing.
News outlets reported the bank's policy regarding ordinary Iranian-Canadian citizens, July 10, 2012. Some one hundred personal bank accounts had been closed to this date, citing the recent ambiguous Special Economic Measure Regulation of the Canadian government. A family in Vancouver was forced to refinance a $250,000 house mortgage in 60 days to avoid foreclosure.
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 Ponzi schemer Scott Rothstein's $1.4 billion fraud.
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. 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.
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 sale's 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." The bank's stock lost 5.55% of its value on March 10, declining by $3.88 (Cdn) per share to close at $66.00 (Cdn).
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- Robertson, Grant; Perkins, Tara (13 December 2010). "RBC, Manulife hit by ratings downgrades". The Globe and Mail. Toronto.
- "Top 1000 list". Report on Business. 28 June 2012. Retrieved 2013-03-21.
- Kane, Laura (12 July 2012). "Iranian-Canadians furious over closure of TD Bank accounts". Toronto Star. Retrieved 2015-10-07.
- "Controversial TD Bank form was clear on flagging fraud". South Florida Business Journal. 25 May 2012. Retrieved 2014-01-13.
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- "Halifax Pride 2015 AGM Summary". Halifax Pride. 6 October 2015. Retrieved 2015-10-07.
- 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.
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- 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.