TORONTO DOMINION BANK (TD)

The Toronto-Dominion Bank and its subsidiaries, collectively TD Bank Group ("TD"), form a Schedule 1 chartered bank under Canada's Bank Act. It was formed on February 1, 1955 through the amalgamation of The Bank of Toronto (chartered 1855) and The Dominion Bank (chartered 1869). TD describes itself as the sixth largest bank in North America by assets, with $1.96 trillion in assets at October 31, 2023. It also ranks among the world's leading online financial services firms, with more than 16 million active online and mobile customers. Its shares trade under the symbol "TD" on the Toronto and New York Stock Exchanges.

TD operates through four key businesses. Canadian Personal and Commercial Banking includes TD Canada Trust and TD Auto Finance Canada. U.S. Retail includes TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation. Wealth Management and Insurance includes TD Wealth (Canada), TD Direct Investing and TD Insurance. Wholesale Banking includes TD Securities and TD Cowen. A Corporate segment is also referenced. TD owned about 12.4% of Schwab at October 31, 2023, consisting of roughly 9.8% in voting common shares and the rest in non-voting shares. It holds two seats on Schwab's board, and its voting ownership is capped at 9.9% under a stockholder agreement. Schwab provides wealth management, securities brokerage, banking, asset management, custody and financial advisory services to individual investors and independent investment advisors. TD and Schwab also have an insured deposit account agreement, amended in May 2023 to extend its initial expiration to July 1, 2034.

TD serves over 27.5 million customers in financial centres around the globe, including retail, commercial, wealth, insurance and wholesale clients in Canada and the United States. Recent developments include the acquisition of Wells Fargo's Canadian direct equipment finance business (May 2021), Headlands Tech Global Markets, a Chicago-based quantitative fixed income trading company (July 2021), and Cowen Inc. (March 2023), which expanded Wholesale Banking's U.S. growth strategy. A planned acquisition of First Horizon Corporation was terminated in May 2023, with TD making a $306 million (US$225 million) cash payment.

TD had an average of 103,257 full-time equivalent employees in fiscal 2023. Its head office is at Toronto-Dominion Centre, King Street West and Bay Street, Toronto, Ontario. It is regulated by the Office of the Superintendent of Financial Institutions (OSFI) under capital adequacy and liquidity rules. Its capital structure includes common shares, Class A First Preferred Shares with non-viability contingent capital features, and limited recourse capital notes. The text notes increased competition from incumbents and new entrants, including fintechs and big technology companies.