About Company
Toronto-Dominion Bank (Banque Toronto-Dominion in French), carrying out commercial activities as TD Bank Group (Groupe Banque TD in French), is a Canada-based international financial services and banking conglomerate with its main office in Toronto, Ontario.
The bank came into existence on 1st February 1955, as a result of the fusion of The Dominion Bank and the Bank of Toronto, which were established in 1869 and 1855; correspondingly.
Toronto-Dominion Bank is one of the two Big Five Canadian banks established in Toronto, the Canadian Imperial Bank of Commerce being the other. The TD institution number is 004 and The TD Bank SWIFT (Society for Worldwide Interbank Financial Telecommunications) code is TDOMCATTTOR.
In 2021, as stated by Standard & Poor, Toronto-Dominion Bank Group enjoyed the following positions:
- In terms of market cap and total assets, it was the biggest bank in Canada
- It is the 23rd biggest bank in the world
- It is also one of the top ten banks in North America
The Financial Stability Board selected it as a worldwide systemically crucial bank in 2019.
The bank together with its ancillary organizations has more than 89,000 workers and its global client base exceeds 26 million. The bank runs in Canada via its TD Canada Trust unit and fulfills the needs of over eleven million customers at more than 1,091 branches.
In the United States, Toronto-Dominion Bank runs its operation via TD Bank, N.A., its subsidiary. It came into existence through the amalgamation of Commerce Bank and TD Banknorth. Over 6.5 million clients in the United States avail of TD Bank services. The banking network comprises more than 1,200 branches in 16 US states and the District of Columbia.
What is the trade or commercial name of the bank?
The commercial name of the Toronto-Dominion Bank is TD Bank Group.
What type of company is Toronto-Dominion Bank?
Toronto-Dominion Bank is a publicly-traded firm.
What is the ISIN of Toronto-Dominion Bank?
The ISIN (International Securities Identification Number) of the bank is CA8911605092.
To which industry does Toronto-Dominion Bank belong?
The bank belongs to the financial services sector.
Which companies are the forerunners of TD Bank Group?
The following banks are the forerunners of TD Bank Group:
- The Dominion Bank
- Bank of Toronto
- Canada Trust
When did the company come into existence?
The bank commenced operations on 1st February 1955. This was 68 years back.
Where is the central office of Toronto-Dominion Bank?
Toronto-Dominion Center in Toronto, Ontario province, Canada serves as the central office of the bank.
Who are the key people running the bank successfully?
Bharat Masrani, the Chief Executive Officer of the bank, is one of the key individuals who have been instrumental in running the bank fruitfully.
Which services does the bank provide mainly?
The bank primarily offers commercial banking services (personal, small business, investing, and commercial).
How many people work for TD Bank Group?
The company runs its business with a manpower of 94,867 workers (full-time equivalent, 2022).
How many divisions does the company have?
The company has one unit named TD Canada Trust.
How many subsidiaries does Toronto-Dominion Bank have?
TD Bank Group has the following subsidiaries:
- TD Bank (United States)
- TD Asset Management
- TD Securities
- TD Insurance
- TD Waterhouse
Toronto-Dominion Bank Timeline
Early years
The forerunners of the Toronto-Dominion Bank, The Dominion Bank, and the Bank of Toronto, came into existence in the mid-nineteenth century, the previous one in 1855 and the second in 1869.
In 1954, there was a pact between The Dominion Bank and the Bank of Toronto for amalgamating the two financial service providers.
Subsequently, the Canadian Finance Minister approved the amalgamation on 1st November 1954. This became formal on 1st February 1955. The newly formed organization assumed Toronto-Dominion Bank as its name.
1960s
Toronto Dominion Bank launched its new central office named the Toronto-Dominion Center in the Toronto business district in 1967.
In the following year, TD Bank went into a joint venture with Chargex (subsequently named Visa Inc.). In 1969, the bank made the TD Bank shield insignia public by the close of the decade.
1970s
In 1976, the bank steered its 1st ATM (automated teller machine), known as the TD 360. The bank modified the name to The Green Machine, and it has kept on using the name.
1980s and 1990s
The bank formed Toronto Dominion Securities Inc. in 1987. It witnessed significant development in the 1990s, with the possession of various financial resources such as the business banking units of Standard Chartered Bank of Canada. TD Bank took over the resources and units of Central Guaranty Trust in 1992, together with Waterhouse Investor Services (in 1996).
In 1992, G4S Cash Solutions, a subsidiary division of G4S plc, a British security services firm, and TD Bank, commenced a pilot program in Toronto that grew into a countrywide collaboration in 1997.
G4S Cash Solutions won the bid to ship cash and offer top-notch safeguarding for the ATMs of the bank– both deposit collection and cash distributing divisions.
In 1996, TD Bank forged a collaboration with the Royal Bank of Canada (RBC) and Bank of Montreal (BMO) to form Symcor. It was a privately-held organization that provides business dealing services like cash handling, report processing, and item processing services to key banks, telecommunications, and retail businesses based in Canada.
In 2011, Symcor generated approximately 675 million reports and over 2 billion pages of customer statements and worked on 3 billion checks yearly.
In 1998, the Canadian Imperial Bank of Commerce and TD Bank consented to an amalgamation. Nevertheless, the Canadian Government, at the suggestion of Paul Martin, the then Finance Minister of the country, prevented the amalgamation, together with one more suggested amalgamation between the Royal Bank of Canada and the Bank of Montreal. He considered it would not serve the best interest of Canada.
2000s
By 2010, the collaboration had grown and G4S Cash Solutions ran the following:
- 1,093 branch night deposits
- 2,577 ATMs
- One hundred across-the-pavement services
- 95 weekly balanced cash dispensers together with 8 branch teller cash dispensers
Toronto-Dominion Securities took over Newcrest Capital at a cost of Can$ 224 million in 2000. The acquisition took place with 25% as cash and 75% as stock payments. During the same year, Toronto-Dominion Bank took over Canada Trust as well. The goal was to re-brand the majority of its business banking activities in the country with the name TD Canada Trust.
In 2002, the bank took over Letco Trading and Stafford Trading. Next year, Toronto-Dominion Bank bought the retail units of Laurentian Bank, to the west of Quebec.
In 2004, the BANK forayed into the US retail banking marketplace, declaring a pact to buy the lion’s share of Banknorth at a gross price of US$ 3.8 billion. Banknorth is a New England–oriented bank, which was subsequently re-labeled as TD Banknorth following the finalization of the sale in 2005 March.
In 2006 January, the company traded its United States brokerage division trademarked as TD Waterhouse, which in 1984 the bank took over, to Ameritrade. The name of the commercial enterprise got changed to TD Ameritrade.
In 2007 April, Toronto Dominion Bank bought all the leftover TD Banknorth shares, switching TD Banknorth into a fully-owned ancillary of Toronto Dominion Bank. This led to the halting of TD Banknorth shares transacted on the New York Stock Exchange.
During the same year, the bank took over Commerce Bancorp, a Cherry Hill-based bank in New Jersey. Subsequently, there was an amalgamation in 2008 between TD Banknorth and Commerce Bancorp to create TD Bank, N.A.
In 2010, TD Bank took over the South Financial Group Inc. and the Riverside National Bank, a bank based in Fort Pierce, Florida. Next year, the bank took over Chrysler Financial, which subsequently used the trade name TD Auto Finance.
In 2011, the bank organized a talk show on the launching of polymer banknotes with the top financial service providers in Canada.
On 1st December 2011, the bank took over the credit card trade of MBNA in Canada. In 2014 October, Affiliated Computer Services, an ancillary firm of Xerox, took over Symcor’s American business activities from Toronto-Dominion Bank.
Once Moody’s Investor Service demoted the trustworthiness of Royal Bank of Canada on 13th December 2010 to Aa1, TD Bank stayed on as the sole bank among the Big Five banks in Canada with the best Aaa credit rating at that stage in the Great Recession. During that period, Scotiabank had an Aa1 rating, CIBC had Aa2, and Bank of Montreal had Aa2.
Besides, TD Bank attained the #1 rank in terms of profit in the Top 1000 listing released in 2012.
From 2014 to 2015, the bank underwent a small reshuffle which comprised layoffs and other financial prudence initiatives, under the guidance of Bharat Masrani. Consequently, this maintained the stock rate on a steady rising inclination.
TD BanK Management
Bharat Masrani, CEO
Bharat Masrani is a financial administrator of Indian-Canadian origin. He presently serves as the Chief Executive Officer and Group President of the Toronto-Dominion Bank, (named TD Bank Group as well). Masrani attained these two berths on 1st November 2014.
Masrani, a Hindu, was born in Uganda and he has Gujarati lineage. His family members escaped from Uganda in 1972. In 1978, Bharat completed his graduation with Honors from York University with BA in Administrative Studies. In 1979, he achieved his MBA degree from the Schulich School of Business, York University. In 2018, Masrani achieved an honorary doctorate from Mount Allison University and in 2017, Schulich School of Business recognized him with an honorary degree.
Toronto-Dominion Bank Stock Performance
The common stocks of Toronto–Dominion Bank are traded on the New York Stock Exchange and the Toronto Stock Exchange with the ticker symbol TD. The transaction also takes place on the London Stock Exchange with the ticker symbol 0VL8. Besides, the stock is a component of the S&P/TSX 60 index.
On June 30, 2023, Toronto-Dominion Bank (TD) ended trading at $62.01 with the information furnished below at 04:00 pm EDT (Eastern Daylight Time).
Stock chart
Toronto-Dominion Bank’s financial performance
Toronto-Dominion Bank awards and recognitions
Given below is a list of the awards and recognitions achieved by TD Bank:
- The bank got recognition from the 2023 S&P Global Sustainability Yearbook with a Top 10% S&P Global ESG Score merit. Toronto-Dominion Bank was the sole bank in North America to receive this honor in the Top 10%.
- For the 9th successive year, TD’s name emerged on the Dow Jones Sustainability World Index. It is the exclusive North America-oriented bank to feature on the World Index.
- For the fourteenth successive year, Mediacorp Canada nominated TD as one of Canada’s Greenest Employers.
- Waterstone Human Capital honored TD as one of the Most Admired™ Corporate Cultures in Canada in 2022 November.
- For seven years in a row, the bank found its name on the 2023 Bloomberg Gender-Equality Index.
- For eight years in a row, the bank achieved the best performance on the 2022 Disability Equality Index.
- TD won the nomination for one of the Best Workplaces™ in Insurance and Financial Services 2022 for the sixth consecutive year. For the seventeenth successive year, it also achieved the honor from Great Place to Work® as one of the Best Workplaces in Canada 2022.
