Group 1 - TD Bank forecasts a return on equity of about 16% for the next four years, reinstating a growth target previously suspended due to a historic $3 billion fine for anti-money laundering failings [1][2] - The bank plans to focus on high fee businesses such as wholesale banking and wealth management, intending to add more wealth management advisors, U.S. retail financial advisors, and investment specialists [1] - TD Bank expects adjusted earnings per share to grow between 7% and 10% as part of its medium-term fiscal 2029 target [2] Group 2 - The bank hosted its first investor day since pleading guilty to multiple U.S. money laundering charges, including conspiracy to commit money laundering and failing to maintain an effective anti-money laundering program [2]

Financial Performance & Targets - TD's FY24 total reported revenue was $54 billion[11], with Canadian Personal & Commercial Banking contributing ~25%, US Retail ~26%, Wholesale Banking ~13%, Insurance ~14%, and Wealth Management ~11%[11] - The company targets an adjusted ROE of ~13% for FY26 and ~16% in the medium-term (FY29)[26] - The company aims for adjusted EPS growth of 6-8% Y/Y in FY26 and 7-10% in the medium-term[26] - The company plans an incremental NCIB program of ~$6-7 billion upon completing the current NCIB, with a total share buyback of $8 billion in FY26[26] Strategic Initiatives & Efficiencies - The company aims to deliver ~$2-2.5 billion in annualized cost savings through restructuring and non-restructuring programs[56] - The company is focused on AML remediation, with costs expected to be stable through FY26[19] - The company is optimizing capital allocation for shareholder returns, targeting a dividend payout ratio of 40-50%[28] Business Segment Highlights - Canadian Personal Bank aims to increase consumer card penetration from 56% to 63% and SBB card penetration from 33% to 48% in the medium-term[33] - US Retail aims for digital sales to increase from 34% to 50% and digital adoption from 57% to 70% in the medium-term[272] - Wealth Management targets AUA/AUM of ~$1.6 trillion and an adjusted ROE of >60% in the medium-term[332] - TD Insurance aims for double-digit premiums CAGR and an adjusted efficiency ratio (net of ISE) of ~30% in the medium-term[407]

As hundreds of TD Securities managing directors gathered at the Encore hotel overlooking Boston Harbor in June, there was a celebratory atmosphere in the air. Less publicly, there was grousing as well. The buoyant mood at the multiday meeting was partly because Toronto-Dominion Bank’s takeover of New York investment bank Cowen Inc. — completed in 2023 — had cleared its last legal hurdle just months earlier, allowing the firms’ traders to finally work together in person. The event also marked the first ti ...

Core Viewpoint - A former credit trader at Toronto-Dominion Bank is suing the bank to declare his non-competition agreement unenforceable, claiming the bank breached its promises regarding his trading strategy [1][2]. Group 1: Legal Action - Matthew Austin filed a lawsuit against Toronto-Dominion's US securities arm in federal court, asserting that the bank is improperly enforcing a non-compete agreement [2]. - Austin's complaint states that he was recruited with explicit promises to implement an algorithmic trading strategy, which was later shut down by the bank [3][5]. Group 2: Employment and Strategy Issues - After launching his trading strategy in April 2025, Austin alleges that over half of the trading desk was terminated shortly thereafter [3]. - The new desk head reportedly expressed a preference against running Austin's strategy, citing a lack of team buy-in [4]. Group 3: Consequences of Termination - Following the shutdown of his strategy in July, Austin claims the bank failed to clarify his compensation and pressured him to trust management [5]. - After resigning on August 25, Austin states that the enforcement of the non-compete has led to lost income and reputational harm, as well as deterioration of his skill set in the fast-evolving field of quantitative finance [6]. Group 4: Background of the Plaintiff - Austin has a notable background, having served as a vice president in credit trading at Goldman Sachs and holding a Ph.D. in biostatistics from Harvard [6].

Core Investment Thesis - Canadian banks, specifically Toronto-Dominion Bank (TD) and Bank of Nova Scotia (Scotiabank), offer higher dividend yields compared to average large U.S. banks, with TD at 3.9% and Scotiabank at 4.9% [1][2] Group 1: Regulatory Environment - Canadian banking regulations are stricter than those in the U.S., leading to a more stable and conservative banking environment [3][6] - TD and Scotiabank benefit from entrenched industry positions due to regulatory support, creating an oligopolistic market structure [5] Group 2: Historical Performance - Both banks have maintained consistent dividend payments for over 100 years, demonstrating reliability and resilience during economic downturns [6][7] - Unlike U.S. banks, TD and Scotiabank did not cut dividends during the 2007-2009 recession, showcasing their conservative management approach [6] Group 3: Growth Prospects - TD Bank's U.S. division faced challenges due to regulatory issues related to money laundering, resulting in an asset cap that limits growth until resolved [8][10] - Scotiabank is shifting focus from Central and South America to increase its presence in the U.S. market, including a nearly 15% stake in KeyCorp [11][12] Group 4: Investment Appeal - Both banks are positioned as attractive options for dividend investors, with Scotiabank showing aggressive growth strategies and recent dividend increases as a sign of positive transition [13] - Despite recent price gains, TD and Scotiabank have lower forward-looking P/E ratios compared to U.S. banks like Citigroup, indicating potential undervaluation and growth opportunities [15]

Group 1 - TD Bank has appointed Jon Rasmussen, a veteran from JP Morgan, as its U.S. chief compliance officer [1]

Group 1 - The Toronto-Dominion Bank (TD) has published a base prospectus for its $40 billion Global Medium Term Note Programme, authorized by the Financial Conduct Authority [1][2] - The prospectus includes several key documents such as the Annual Information Form dated December 4, 2024, and the audited financial statements for 2023-2024 [3] - The notes issued through this program are not covered by the US Securities Act of 1933 and can only be sold in the US under certain exemptions [2][4] Group 2 - TD operates through four main segments: Canadian Personal and Commercial Banking, US Retail, Wealth Management and Insurance, and Wholesale Banking [4] - The prospectus contains information intended only for residents of specific countries, with a warning for individuals outside those countries not to rely on it [4]

Group 1 - Toronto-Dominion Bank has appointed Taylan Turan as Chief Operating Officer, effective September 29, 2023, who previously held a senior position at HSBC [3][5] - Simon Fish will join as General Counsel on September 15, 2023, coming from the Bank of Montreal [4] - The leadership changes are part of a strategic shift ahead of the investor day on September 29, where the new strategic direction will be announced [6] Group 2 - The bank has not traditionally had a COO, with the current CEO Raymond Chun having held the role temporarily before his appointment [5] - Paul Whitehead has been promoted to be Turan's deputy, starting December 1, 2023, focusing on client and colleague experience and marketing [5] - The management changes are aimed at enhancing "disciplined execution and client experience leadership" according to CEO Chun [6]

Toronto-Dominion Bank hired a CEO from HSBC Holdings Plc and is replacing its general counsel as two top executives depart the company https://t.co/pBNoWfAJLR ...

Core Points - TD Asset Management Inc. (TDAM) announced the scheduled termination of its Maturing Funds on or about November 21, 2025, which includes specific ETFs and Mutual Funds [1][2][9] - The Maturing Funds have a defined maturity date, and upon reaching this date, the funds will be terminated, and net assets will be returned to unitholders [2][6] Maturing ETFs - The Maturing ETFs include the TD Target 2025 Investment Grade Bond ETF (Ticker: TBCE) and the TD Target 2025 U.S. Investment Grade Bond ETF (Ticker: TBUE.U) [1][9] - No further direct subscriptions for units of the Maturing ETFs will be accepted effective September 10, 2025 [4] - Units of the Maturing ETFs are expected to be voluntarily delisted from the Toronto Stock Exchange on or about November 19, 2025, with mandatory redemption occurring on the Maturity Date [5][6] Maturing Mutual Funds - The Maturing Mutual Funds will stop accepting additional purchases effective immediately, and unitholders can redeem or switch their holdings until market close on November 20, 2025 [3] - TDAM will not impose any short-term trading fees or sales charges for transactions involving the Maturing Mutual Funds [3] Asset Management Overview - TDAM manages assets totaling $504 billion as of June 30, 2025, and offers a range of investment solutions to various clients, including corporations and individual investors [8]