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Wikipedia

Toronto-Dominion Bank

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 1 February 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively. It is one of two Big Five banks founded in Toronto, the other being the Canadian Imperial Bank of Commerce.

Toronto-Dominion Bank
TD Bank Group
TypePublic
TSX: TD
NYSE: TD
S&P/TSX 60 component
ISINCA8911605092
IndustryFinancial services
PredecessorsBank of Toronto
The Dominion Bank
Founded1 February 1955; 66 years ago (1955-02-01)
Headquarters
Key people
Bharat Masrani, CEO
Servicescommercial banking
Revenue $41.065 billion CAD (FY 2019)
$11.686 billion CAD (FY2019)
Total assets $1.41 trillion CAD (FY2019)
Number of employees
~90,000 (FTE, FY2020)
DivisionsTD Canada Trust
SubsidiariesTD Securities
TD Waterhouse
TD Bank, N.A.
TD Asset Management
WebsiteTD Bank Group

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. In 2019, it was designated a global systemically important bank by the Financial Stability Board.

The bank and its subsidiaries have over 89,000 employees and over 26 million clients worldwide. In Canada, the bank operates as TD Canada Trust and serves more than 11 million customers at over 1,091 branches. In the United States, the company operates as TD Bank, 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 1200 branches in sixteen states and the District of Columbia.

Contents

The Bank of Toronto in 1915.

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. 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 1 November 1954, and was made official on 1 February 1955. The new institution adopted the name Toronto-Dominion Bank.

In 1967, TD Bank opened its new head office, the Toronto-Dominion Centre in downtown Toronto. In the next year, the bank entered into a partnership with Chargex (later known as Visa Inc.). The TD Bank shield logo was unveiled to the public near the end of the decade, in 1969.

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.

In 1987, Toronto Dominion Securities Inc. was established by the bank. 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 Guartanty 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.

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.

A TD Canada Trust branch. Canada Trust was acquired in 2000, and presently serves TD's Canadian commercial banking operations.

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.

In 2000, Toronto-Dominion Securities bought Newcrest Capital for $224 million (75 per cent in stock and 25 per cent in cash). 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 MasterCard business to meet the demands of the Competition Bureau due to the fact that TD issued Visa cards at the time and Canada Trust issued MasterCard and competition rules at the time prevented a single institution from the duality of selling both brands simultaneously. The Competition Bureau also forced the sale of 13 branches, representing over 120,000 customers, in three Ontario markets where the territory of TD and Canada Trust overlapped. The vast majority of the affected branches were in the Kitchener-Waterloo area, including four in Kitchener, two in Waterloo, four in Cambridge and one in Elmira. All but one branch were sold to the Bank of Montreal for $50-million. The remaining branch in Paris, Ontario was sold to Laurentian Bank of Canada. In all six TD branches and seven Canada Trust branches specifically changed hands to meet the Competition Bureau's requirements.

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.

21st century

In 2002, TD Bank acquired Stafford Trading and Letco Trading. In the following year, TD Bank acquired Laurentian Bank's retail branches west of Quebec.

A TD Bank, N.A. branch in New York City. TD Bank expanded into the United States in the early 21st century.

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. 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 New York Stock Exchange. In the same year, TD Bank acquired Commerce Bancorp, a bank based in Cherry Hill, New Jersey. Commerce Bancorp was later merged with TD Banknorth to form TD Bank, N.A. in 2008.

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. On 1 December 2011, TD Bank acquired MBNA's Canadian credit card business. In October 2014, Affiliated Computer Services, a subsidiary of Xerox, acquired Symcor's U.S. operations from TD Bank.

After Moody's Investor Service downgraded the credit worthiness of Royal Bank of Canada to Aa1 on 13 December 2010, TD Bank remained the only one of Canada's Big Five banks with a top Aaa credit rating at that point in the Great Recession (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.

From 2014 to 2015, TD has gone through a minor restructuring which has included job cuts and other cost-cutting measures, under the leadership of Bharat Masrani, which has kept the stock price on a stable upward trend.

In April 2020 it became apparent that TD Bank is a significant secured creditor involved in the voluntary administration of the Virgin Australia airline, which has debts of AUD$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.

Bloomberg reported that TD Bank, along with Canada's other large banks, added ESG measures to their chief executive officers' compensation plans.

A sign for TD Garden, a multi-sport venue in Boston. TD Bank has held the naming rights for the venue since 2005.

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 naming rights to several multi-sport indoor arenas including TD Garden in Boston, Massachusetts. TD Banknorth acquired the naming rights for the Boston-based venue in 2005, with the venue being known as TD Banknorth Garden until 2007. After TD Banknorth was merged to form TD Bank, N.A., the venue's dropped Banknorth from the name and was branded as TD Garden.

Other indoor stadiums sponsored by TD Bank include TD Station in Saint John, New Brunswick; and TD Place Arena in Ottawa, Ontario. TD Place Arena forms a part of TD Place at Lansdowne Park. The bank also holds the naming rights to the outdoor stadium at TD Place, known as TD Place Stadium. Other outdoor stadiums sponsored by TD Bank include TD Stadium in London, Ontario and TD Ballpark in Dunedin, Florida.

In 2010, a trader at Toronto Dominion Bank in the UK was fined £750,000 ($1.16 million[clarification needed]) by the Financial Services Authority for intentionally mismarking his trading positions.

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).

Following his ended relationship to private-banking with JPMorgan, which was headed by his friend Jes Staley, and his relationships later for over 20 years through Thomas Bowers at The Citi Private Bank and subsequently the Thomas Bowers headed private wealth management division of Deutsche Bank from 2013 until early 2019, Jeffrey Epstein established a close relationship during 2019, allegedly through Darren Indyke, with wealth management and private banking at TD Bank which was Epstein's bank while he was under investigations in the United States, Brazil and France at the time of his death in August 2019.

  1. 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.
  2. 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.
  1. "Historical Fast Facts". td.com. Toronto-Dominion Bank. Retrieved13 December 2019.
  2. "TD Bank Corporate History". td.com. Toronto-Dominion Bank. Retrieved13 December 2019.
  3. Canadian company histories. 1. Gale Canada. 1996. p. 261. ISBN 1-8964-1306-4.
  4. "2014 Financial Statements and Notes"(PDF). TD Bank. 4 December 2013. Retrieved2014-04-24.
  5. "Corporate Information"(PDF). TD Bank Financial Group. Retrieved18 October 2017.
  6. "TD Bank: Company Information"(PDF).
  7. Mehmood, JahanZaib (11 April 2017). "The world's 100 largest banks". S&P Global. RetrievedApril 9, 2018.
  8. "Corporate Information". TD Bank. Retrieved2015-08-07.
  9. "About Us". TD Bank. Retrieved2013-03-21.
  10. "Our Roots". TD Bank Corporate. Toronto-Dominion Bank. 2019. Retrieved3 September 2019.
  11. "Historical Fast Facts". TD.com. RetrievedMarch 11, 2020.
  12. 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.
  13. "Who We Are". Symcor. Archived from the original on 2013-03-15. Retrieved2013-03-21.
  14. Critchley, Barry (4 April 2011). "Bank-owned Symcor misses on timing". National Post.
  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. Chase, Steven (8 May 2000). "TD sells 13 retail branches". The Globe and Mail.
  18. Chase, Steven (8 May 2000). "TD sells 13 retail branches". The Globe and Mail.
  19. https://www.cbc.ca/news/canada/td-takeover-of-canada-trust-good-news-for-clients-bank-says-1.198875
  20. "TD Bank buying majority stake in Banknorth for $3.8B US". CBC News. Canadian Broadcasting Corporation. 26 August 2004. Retrieved3 September 2019.
  21. "Frequently Asked Questions: TD Banknorth". Toronto-Dominion Bank. 2019. Retrieved3 September 2019.
  22. Blumenthal, Jeff (1 April 2011). "TD Bank Financial completes purchase of Chrysler Financial". Philadelphia Business Journal. Retrieved2013-03-21.
  23. "TD buys MBNA's Canadian credit card business". CBC News. 15 August 2011. Retrieved2013-03-21.
  24. "Who We Are". Xerox. October 4, 2012. Archived from the original on January 16, 2014. Retrieved2014-01-14.
  25. Robertson, Grant; Perkins, Tara (13 December 2010). "RBC, Manulife hit by ratings downgrades". The Globe and Mail. Toronto.
  26. "Top 1000 list". Report on Business. 28 June 2012. Retrieved2013-03-21.
  27. Trichur, Rita; Dummett, Ben (12 February 2015). "TD Bank Reviewing Costs; More Layoffs Possible". The Wall St. Journal. Dow Jones & Company. Retrieved2 December 2019.
  28. "Deloitte"(PDF).
  29. Orland, Kevin (2021-03-18). "CEO Pay Tied to ESG Sets Canadian Banks Apart From the Crowd - BNN Bloomberg". BNN. Retrieved2021-03-18.
  30. Muñoz, David Enrich, Cassell Bryan-Low and Sara Schaefer (September 22, 2011)."U.K. Sets Its Sights on 'Rogue' Traders". The Wall Street Journal.
  31. Kane, Laura (12 July 2012). "Iranian-Canadians furious over closure of TD Bank accounts". Toronto Star. Retrieved2015-10-07.
  32. "Controversial TD Bank form was clear on flagging fraud". South Florida Business Journal. 25 May 2012. Retrieved2014-01-13.
  33. Ward, Jesse (24 July 2014)."TD Bank: sponsoring Pride and politicians who are against marriage equality". Halifax Examiner. Retrieved2015-10-07.
  34. "Halifax Pride 2015 AGM Summary". Halifax Pride. 6 October 2015. Retrieved2015-10-07.
  35. 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. RetrievedApril 9, 2018.
  36. "Toronto Dominion Bank". The Globe and Mail. RetrievedMarch 10, 2017.
  37. Former Deutsche Bank Exec Connected to Trump Loans Dies by Suicide in Malibu
  38. TD Bank took Epstein money after Deutsche Bank kicked him out
  39. "Jeffrey Epstein's Private Banker at Deutsche & Citi Found Swinging From a Rope:; Executive 'Suicide' Before FBI Could Question Him". 3 December 2019. Archived from the original on 2019-12-04. Retrieved2019-12-04.
  40. "The Epstein Connection: Follow The Money". 5 December 2019. Archived from the original on 2021-04-24. Retrieved2021-04-24.
  41. Pagones, Stephanie (2020-07-07). "Deutsche Bank penalized $150M for Jeffrey Epstein relationship". FOXBusiness. Retrieved2021-07-19.
  42. 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 2020-06-11. Retrieved2020-06-11.
  43. "TD sample cheque: everything you need to know". Retrieved2021-06-15.

Bibliography

  • 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.

Toronto-Dominion Bank
toronto, dominion, bank, language, watch, edit, french, banque, toronto, dominion, canadian, multinational, banking, financial, services, corporation, headquartered, toronto, ontario, commonly, known, operating, bank, group, french, groupe, banque, bank, creat. Toronto Dominion Bank Language Watch Edit 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 1 February 1955 through the merger of the Bank of Toronto and The Dominion Bank which were founded in 1855 and 1869 respectively It is one of two Big Five banks founded in Toronto the other being the Canadian Imperial Bank of Commerce Toronto Dominion BankToronto Dominion Centre in downtown TorontoTrade nameTD Bank GroupTypePublicTraded asTSX TD NYSE TD S amp P TSX 60 componentISINCA8911605092IndustryFinancial servicesPredecessorsBank of Toronto The Dominion BankFounded1 February 1955 66 years ago 1955 02 01 note 1 1 2 3 HeadquartersToronto Dominion Centre Toronto Ontario CanadaKey peopleBharat Masrani CEOServicescommercial bankingRevenue 41 065 billion CAD FY 2019 4 Net income 11 686 billion CAD FY2019 4 Total assets 1 41 trillion CAD FY2019 5 Number of employees 90 000 FTE FY2020 6 DivisionsTD Canada TrustSubsidiariesTD Securities TD Waterhouse TD Bank N A TD Asset ManagementWebsiteTD Bank Group In 2017 according to Standard amp 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 7 In 2019 it was designated a global systemically important bank by the Financial Stability Board The bank and its subsidiaries have over 89 000 employees and over 26 million clients worldwide 8 In Canada the bank operates as TD Canada Trust and serves more than 11 million customers at over 1 091 branches In the United States the company operates as TD Bank 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 1200 branches in sixteen states and the District of Columbia 9 Contents 1 History 1 1 21st century 2 Sponsorships 3 Controversies 4 Notes 5 References 5 1 Bibliography 6 External linksHistory Edit The Bank of Toronto in 1915 The Dominion Bank in 1930 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 1 November 1954 and was made official on 1 February 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 Guartanty 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 A TD Canada Trust branch Canada Trust was acquired in 2000 and presently serves TD s Canadian commercial banking operations 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 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 MasterCard business to meet the demands of the Competition Bureau due to the fact that TD issued Visa cards at the time and Canada Trust issued MasterCard and competition rules at the time prevented a single institution from the duality of selling both brands simultaneously 17 The Competition Bureau also forced the sale of 13 branches representing over 120 000 customers in three Ontario markets where the territory of TD and Canada Trust overlapped The vast majority of the affected branches were in the Kitchener Waterloo area including four in Kitchener two in Waterloo four in Cambridge and one in Elmira All but one branch were sold to the Bank of Montreal for 50 million The remaining branch in Paris Ontario was sold to Laurentian Bank of Canada In all six TD branches and seven Canada Trust branches specifically changed hands to meet the Competition Bureau s requirements 18 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 19 21st century Edit In 2002 TD Bank acquired Stafford Trading and Letco Trading In the following year TD Bank acquired Laurentian Bank s retail branches west of Quebec A TD Bank N A branch in New York City TD Bank expanded into the United States in the early 21st century 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 20 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 New York Stock Exchange 21 In the same year TD Bank acquired Commerce Bancorp a bank based in Cherry Hill New Jersey Commerce Bancorp was later merged with TD Banknorth to form TD Bank N A in 2008 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 22 On 1 December 2011 TD Bank acquired MBNA s Canadian credit card business 23 In October 2014 Affiliated Computer Services a subsidiary of Xerox acquired Symcor s U S operations from TD Bank 24 After Moody s Investor Service downgraded the credit worthiness of Royal Bank of Canada to Aa1 on 13 December 2010 TD Bank remained the only one of Canada s Big Five banks with a top Aaa credit rating at that point in the Great Recession at the time CIBC was Aa2 Scotiabank was Aa1 and Bank of Montreal was Aa2 25 It is also ranked number 1 in the Top 1000 2012 listing 26 From 2014 to 2015 TD has gone through a minor restructuring which has included job cuts and other cost cutting measures under the leadership of Bharat Masrani which has kept the stock price on a stable upward trend 27 In April 2020 it became apparent that TD Bank is a significant secured creditor involved in the voluntary administration of the Virgin Australia airline which has debts of AUD 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 28 Bloomberg reported that TD Bank along with Canada s other large banks added ESG measures to their chief executive officers compensation plans 29 Sponsorships Edit A sign for TD Garden a multi sport venue in Boston TD Bank has held the naming rights for the venue since 2005 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 naming rights to several multi sport indoor arenas including TD Garden in Boston Massachusetts TD Banknorth acquired the naming rights for the Boston based venue in 2005 with the venue being known as TD Banknorth Garden until 2007 After TD Banknorth was merged to form TD Bank N A the venue s dropped Banknorth from the name and was branded as TD Garden Other indoor stadiums sponsored by TD Bank include TD Station in Saint John New Brunswick and TD Place Arena in Ottawa Ontario TD Place Arena forms a part of TD Place at Lansdowne Park The bank also holds the naming rights to the outdoor stadium at TD Place known as TD Place Stadium Other outdoor stadiums sponsored by TD Bank include TD Stadium in London Ontario and TD Ballpark in Dunedin Florida Controversies EditIn 2010 a trader at Toronto Dominion Bank in the UK was fined 750 000 1 16 million clarification needed by the Financial Services Authority for intentionally mismarking his trading positions 30 News outlets reported the bank s policy regarding ordinary Iranian Canadian citizens July 10 2012 31 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 31 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 32 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 33 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 34 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 35 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 36 Following his ended relationship to private banking with JPMorgan which was headed by his friend Jes Staley and his relationships later for over 20 years through Thomas Bowers at The Citi Private Bank and subsequently the Thomas Bowers headed private wealth management division of Deutsche Bank from 2013 until early 2019 note 2 Jeffrey Epstein established a close relationship during 2019 allegedly through Darren Indyke with wealth management and private banking at TD Bank which was Epstein s bank while he was under investigations in the United States Brazil and France at the time of his death in August 2019 38 39 40 41 42 43 Notes Edit 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 37 References Edit Historical Fast Facts td com Toronto Dominion Bank Retrieved 13 December 2019 TD Bank Corporate History td com Toronto Dominion Bank Retrieved 13 December 2019 Canadian company histories 1 Gale Canada 1996 p 261 ISBN 1 8964 1306 4 a b 2014 Financial Statements and Notes PDF TD Bank 4 December 2013 Retrieved 2014 04 24 Corporate Information PDF TD Bank Financial Group Retrieved 18 October 2017 TD Bank Company Information PDF Mehmood JahanZaib 11 April 2017 The world s 100 largest banks S amp P Global Retrieved April 9 2018 Corporate Information TD Bank Retrieved 2015 08 07 About Us TD Bank Retrieved 2013 03 21 a b c d e f Our Roots TD Bank Corporate Toronto Dominion Bank 2019 Retrieved 3 September 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 2015 05 07 Who We Are Symcor Archived from the original on 2013 03 15 Retrieved 2013 03 21 Critchley Barry 4 April 2011 Bank owned Symcor misses on timing National Post Pound Richard W 2006 Fitzhenry and Whiteside Book of Canadian Facts and Dates Fitzhenry and Whiteside ISBN 978 1554550098 TD Securities buys Newcrest Capital CBC News 7 November 2000 Chase Steven 8 May 2000 TD sells 13 retail branches The Globe and Mail Chase Steven 8 May 2000 TD sells 13 retail branches The Globe and Mail https www cbc ca news canada td takeover of canada trust good news for clients bank says 1 198875 TD Bank buying majority stake in Banknorth for 3 8B US CBC News Canadian Broadcasting Corporation 26 August 2004 Retrieved 3 September 2019 Frequently Asked Questions TD Banknorth Toronto Dominion Bank 2019 Retrieved 3 September 2019 Blumenthal Jeff 1 April 2011 TD Bank Financial completes purchase of Chrysler Financial Philadelphia Business Journal Retrieved 2013 03 21 TD buys MBNA s Canadian credit card business CBC News 15 August 2011 Retrieved 2013 03 21 Who We Are Xerox October 4 2012 Archived from the original on January 16 2014 Retrieved 2014 01 14 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 Trichur Rita Dummett Ben 12 February 2015 TD Bank Reviewing Costs More Layoffs Possible The Wall St Journal Dow Jones amp Company Retrieved 2 December 2019 Deloitte PDF Orland Kevin 2021 03 18 CEO Pay Tied to ESG Sets Canadian Banks Apart From the Crowd BNN Bloomberg BNN Retrieved 2021 03 18 Munoz David Enrich Cassell Bryan Low and Sara Schaefer September 22 2011 U K Sets Its Sights on Rogue Traders The Wall Street Journal a b 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 Ward Jesse 24 July 2014 TD Bank sponsoring Pride and politicians who are against marriage equality Halifax Examiner Retrieved 2015 10 07 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 Toronto Dominion Bank The Globe and Mail Retrieved March 10 2017 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 amp Citi Found Swinging From a Rope Executive Suicide Before FBI Could Question Him 3 December 2019 Archived from the original on 2019 12 04 Retrieved 2019 12 04 The Epstein Connection Follow The Money 5 December 2019 Archived from the original on 2021 04 24 Retrieved 2021 04 24 Pagones Stephanie 2020 07 07 Deutsche Bank penalized 150M for Jeffrey Epstein relationship FOXBusiness Retrieved 2021 07 19 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 2020 06 11 Retrieved 2020 06 11 TD sample cheque everything you need to know Retrieved 2021 06 15 Bibliography Edit 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 Edit Banks portal Media related to Toronto Dominion Bank at Wikimedia Commons Official website Retrieved from https en wikipedia org w index php title Toronto Dominion Bank amp oldid 1051386712, wikipedia, wiki, book, books, library,

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