Toronto–Dominion Bank

Last updated
Toronto-Dominion Bank
TD Bank Group
Public
Traded as NYSE:  TD
TSX:  TD
S&P/TSX 60 component
ISIN CA8911605092
Industry Financial services
Predecessors Bank of Toronto
The Dominion Bank
Founded1855;164 years ago (1855) [1] [2]
Headquarters
Key people
 Bharat Masrani, CEO
RevenueIncrease2.svg $36.1 billion CAD (F2017) [3]
Increase2.svg $10.5 billion CAD (F2017) [3]
Total assets Increase2.svg $1.2 trillion CAD (F2017) [4]
Number of employees
85,000 (FTE, F2014) [5]
Divisions TD Canada Trust
Subsidiaries TD Securities
TD Waterhouse
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.

Multinational corporation large corporation doing business in many countries

A multinational corporation (MNC) or worldwide enterprise is a corporate organization that owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.

Financial services economic service provided by the finance industry

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. Financial services companies are present in all economically developed geographic locations and tend to cluster in local, national, regional and international financial centers such as London, New York City, and Tokyo.

Bank of Toronto

The Bank of Toronto was a Canadian bank that was founded in 1855 by a group of grain dealers and flour millers. On February 1, 1955, it merged with The Dominion Bank to form the Toronto-Dominion Bank. Its first president was James Grant Chewett.

Contents

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. [6]

Standard & Poors subsidiary company

Standard & Poor's Financial Services LLC (S&P) is a U.S. financial services company. It is a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is known for its stock market indices such as the U.S.-based S&P 500, the Canadian S&P/TSX, and the Australian S&P/ASX 200. S&P is considered one of the Big Three credit-rating agencies, which also include Moody's Investors Service and Fitch Ratings. Its head office is located on 55 Water Street in Lower Manhattan, New York City.

Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto–Dominion Bank (TD). The term Big Six is sometimes used to include Canada's next largest bank, National Bank of Canada.

The bank and its subsidiaries have over 85,000 employees and over 22 million clients worldwide. [7] 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. [8]

TD Canada Trust company

TD Canada Trust is the commercial banking operation of the Toronto-Dominion Bank (TD) in Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 "Green Machine" ATMs.

TD Bank, N.A. Major East Coast bank in the United States

TD Bank, N.A., is a U.S. national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank. It operates primarily across the East Coast, in fifteen U.S. states and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposits and the 8th largest bank in the United States by total assets, resulting from many mergers and acquisitions. T.D. Bank, N.A. is headquartered in Cherry Hill, New Jersey.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. in June 2008.

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. [9]

G4S British multinational security services company

G4S plc is a British multinational security services company headquartered in London, England.

CapGemini

Multinational firm CapGemini provides support services for TD Bank, as well as for Pratt and Whitney Canada and other international clients. [10] [11]

Symcor

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. [12] [13]

Bank of Montreal Canadian bank

The Bank of Montreal, (French: Banque de Montréal) doing business as BMO Financial Group, is a Canadian multinational investment bank and financial services company headquartered in Montreal, Quebec, Canada. One of the Big Five banks in Canada, it is the fourth-largest bank in Canada by market capitalization and assets, as well as one of the ten largest banks in North America. It is commonly known by its acronym BMO, which is also its stock symbol on both the Toronto Stock Exchange and the New York Stock Exchange.

Royal Bank of Canada Financial institution in Canada

The Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 16 million clients and has 80,000 employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, while its corporate headquarters are located in Montreal, Quebec, and in Toronto, Ontario. RBC's Institution Number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.

Affiliated Computer Services, a subsidiary of Xerox, acquired Symcor's U.S. operations in October 2014. [14]

Mergers and acquisitions

A former Commerce Bank in Little Egg Harbor Township, New Jersey, that was rebranded as TD Bank Tdcommercebank.jpg
A former Commerce Bank in Little Egg Harbor Township, New Jersey, that was rebranded as TD Bank

Sponsorships

TD Bank and its subsidiaries own the naming rights to the following venues:

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). [19] It is also ranked number 1 in the Top 1000 2012 listing. [20]

Controversies

News outlets reported the bank's policy regarding ordinary Iranian-Canadian citizens, July 10, 2012. [21] 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. [21]

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 scheme r Scott Rothstein's $1.4 billion fraud. [22]

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. [23] 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. [24]

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." [25] 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). [26]

Related Research Articles

Canada Trust former financial services holding company

CT Financial Services Inc., operating as Canada Trust, was a financial services holding company headquartered in Toronto, Ontario, which operated in Canada through its trust company subsidiaries, including Canada Trustco Mortgage Company and The Canada Trust Company.

Canadian Imperial Bank of Commerce company

The Canadian Imperial Bank of Commerce, commonly referred to as CIBC, is one of the "Big Five" banks in Canada. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT. It is also one of the two major banks originally founded in Toronto alongside Toronto-Dominion Bank.

The Dominion Bank was a Canadian bank that was chartered in 1869 and based in Toronto, Ontario. On February 1, 1955, it merged with the Bank of Toronto to form the Toronto-Dominion Bank.

President’s Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.

Visa Debit

Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.

Allen Thomas Lambert, OC was a Canadian banker and former Chairman of the Toronto-Dominion Bank.

Banking in Canada is widely considered one of the safest banking systems in the world, ranking as the world's soundest banking system for six consecutive years (2007-2013) according to reports by the World Economic Forum. Released in October 2010, Global Finance magazine put Royal Bank of Canada at number 10 among the world's safest banks and Toronto-Dominion Bank at number 15. Canada's banks, also called chartered banks, have over 8,000 branches and almost 18,000 automated banking machines (ATMs) across the country. In addition, "Canada has the highest number of ATMs per capita in the world and benefits from the highest penetration levels of electronic channels such as debit cards, Internet banking and telephone banking".

RBC Dominion Securities is the brand used by Royal Bank of Canada for full service brokerage services, primarily in Canada, and forms part of RBC's Wealth Management division.

Financial District, Toronto Central business district in Ontario, Canada

The Financial District is the central business district of Downtown Toronto, Ontario, Canada. It was originally planned as New Town in 1796 as an extension of the Town of York. It is the main financial district in Toronto and is considered the heart of Canada's finance industry. It is bounded roughly by Queen Street West to the north, Yonge Street to the east, Front Street to the south, and University Avenue to the west, though many office towers in the downtown core have been and are being constructed outside this area, which will extend the general boundaries. Examples of this trend are the Telus Harbour, RBC Centre, and CIBC Square.

The South Financial Group, originally known as Carolina First Corporation, was a bank holding company headquartered in Greenville, South Carolina. The South Financial Group was the parent company of Carolina First, with branch locations in North and South Carolina and Mercantile Bank, with branch locations in Florida.

Commerce Bancorp

Commerce Bancorp was a Cherry Hill, New Jersey–based bank created in 1973. In 2007, it was purchased by Toronto-Dominion Bank, which merged Commerce with TD Banknorth to form TD Bank, N.A.; all of its banks and branches were given the TD Bank logo.

A routing number is the term for bank codes in Canada. Routing numbers consist of eight numerical digits with a dash between the fifth and sixth digit for paper financial documents encoded with magnetic ink character recognition and nine numerical digits without dashes for electronic funds transfers. Routing numbers are regulated by Payments Canada, formerly known as the Canadian Payments Association, to allow easy identification of the branch location and financial institution associated with an account.

References

  1. ↑ https://www.td.com/about-tdbfg/corporate-information/tds-history/
  2. ↑ https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=23515
  3. 1 2 "2014 Financial Statements and Notes" (PDF). TD Bank. 4 December 2013. Retrieved 2014-04-24.
  4. ↑ "Corporate Information". TD Bank Financial Group. Retrieved 18 October 2017.
  5. ↑ "TD Bank: Company Information". The Globe and Mail . Toronto. Retrieved 2014-04-24.
  6. ↑ Mehmood, JahanZaib (11 April 2017). "The world's 100 largest banks". S&P Global . Retrieved April 9, 2018.
  7. ↑ "Corporate Information". TD Bank. Retrieved 2015-08-07.
  8. ↑ "About Us". TD Bank. Retrieved 2013-03-21.
  9. ↑ Stemman, Roy, ed. (November 2010). "Nationwide cash service for world's second largest country". Value Solutions. Essex, UK: G4S. Archived from the original on 2015-05-07.
  10. ↑ Mehta, Diana (8 April 2013). "RBC hiring practices under fire". The Chronicle Herald . Halifax, Nova Scotia. The Canadian Press.
  11. ↑ Narendran S; Chandan Agarwala (2012). "Success Stories" (PDF). Tech Connect (4/5). iGate. Archived from the original (PDF) on 2013-06-25. Retrieved 2013-04-10.
  12. ↑ "Who We Are". Symcor. Archived from the original on 2013-03-15. Retrieved 2013-03-21.
  13. ↑ Critchley, Barry (4 April 2011). "Bank-owned Symcor misses on timing". National Post .
  14. ↑ "Who We Are". Xerox. October 4, 2012. Archived from the original on January 16, 2014. Retrieved 2014-01-14.
  15. ↑ Pound, Richard W. (2006). Fitzhenry and Whiteside Book of Canadian Facts and Dates. Fitzhenry and Whiteside. ISBN   978-1554550098.
  16. ↑ "TD Securities buys Newcrest Capital". CBC News. 7 November 2000.
  17. ↑ Blumenthal, Jeff (1 April 2011). "TD Bank Financial completes purchase of Chrysler Financial". Philadelphia Business Journal . Retrieved 2013-03-21.
  18. ↑ "TD buys MBNA's Canadian credit card business". CBC News. 15 August 2011. Retrieved 2013-03-21.
  19. ↑ Robertson, Grant; Perkins, Tara (13 December 2010). "RBC, Manulife hit by ratings downgrades". The Globe and Mail. Toronto.
  20. ↑ "Top 1000 list". Report on Business . 28 June 2012. Retrieved 2013-03-21.
  21. 1 2 Kane, Laura (12 July 2012). "Iranian-Canadians furious over closure of TD Bank accounts". Toronto Star. Retrieved 2015-10-07.
  22. ↑ "Controversial TD Bank form was clear on flagging fraud". South Florida Business Journal . 25 May 2012. Retrieved 2014-01-13.
  23. ↑ Ward, Jesse (24 July 2014). "TD Bank: sponsoring Pride and politicians who are against marriage equality" . Halifax Examiner. Retrieved 2015-10-07.
  24. ↑ "Halifax Pride 2015 AGM Summary". Halifax Pride. 6 October 2015. Retrieved 2015-10-07.
  25. ↑ 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.
  26. ↑ "Toronto Dominion Bank". The Globe and Mail. Retrieved March 10, 2017.

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