TD Bank

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Overview: TD Bank Financial Group (formerly Toronto-Dominion Bank, formed in 1955 through a merger of The Bank of Toronto and The Dominion Bank, themselves dating to 1855 and 1869, respectively) is a major banking, discount securities brokerage and insurance company headquartered in Toronto and with extensive operations in the U.S. Its major business units include:

  • TD Banknorth (U.S.)
  • TD Bank, formerly Commmerce Bank (U.S.)
  • TD Canada Trust (Canada)
  • TD Commercial Banking (Canada)
  • TD Waterhouse (Canada)
  • TD Ameritrade (U.S.)
  • TD Asset Management (Canada)
  • TD Insurance (Canada)
  • TD Securities (Canadian wholesale banking)
  • Chrysler Financial

Job Openings: See this list of current job openings.

Size: TD reported these figures as of July 31:

  • Employees = 74,000
  • Customers = 17 million
  • Online Customers = 5.5 million
  • Assets = C$509 billion
  • Mutual Fund Assets = C$54.8 billion
  • Mutual Fund Customers = 1.4 million
  • Total Assets Under Management = C$167 billion

Retail branches as of April 30, 2011:

  • 1,285 in the U.S.
  • 1,131 in Canada

Employees in commercial and personal banking units as of April 30, 2011:

  • 23,447 in the U.S.
  • 34,281 in Canada

Positives: TD is a major player in retail banking on the east coast of the U.S. through its TD Banknorth and TD Bank subsidiaries. Ameritrade is among the leaders in discount brokerage and on-line investing in the U.S. The company is expanding its U.S. operations aggressively, with the 2010 acquisition of South Financial Group pushing its retail banking footprint southward into the Carolinas and Florida. TD is now is the tenth largest retail bank in the U.S. (“TD Hopes to Score Big in the U.S.” in The Wall Street Journal, August 16, 2011).

On August 15, 2011, TD announced that it would acquire MBNA Canada, the fourth largest issuer of credit cards in Canada, from Bank of America, in a transaction to be completed by year end. This will more than double TD’s credit card balances in Canada.

Negatives: TD Bank has adopted Commerce Bank’s slogan of “America’s Most Convenient Bank.” In large part, this entails an environment more like retail stores than banking, with long hours seven days a week. Those contemplating careers at the branch level should be aware of this.

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