Toronto-Dominion Bank, doing business as TD Bank Group (Groupe Banque TD), and commonly known as just TD, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank was created on February 1, 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 of Canada founded in Toronto, the other being the Canadian Imperial Bank of Commerce.
In 2021, according to Standard & Poor's, TD Bank Group was the largest bank in Canada by total assets and also by market capitalization, a top 15 bank in North America, and the 26th largest bank in the world.[5] In 2019, it was designated a global systemically important bank by the Financial Stability Board.[6] In 2023, the company was ranked 43rd in the Forbes Global 2000.[7]
The bank and its subsidiaries have more than 95,000 employees and over 28million customers worldwide.[8] In Canada, the bank operates through its TD Canada Trust division and serves approximately 15million customers through a network of 1,060 branches. In the United States, the company operates through their subsidiary TD Bank, N.A., which was created through the merger of TD Banknorth and Commerce Bank. TD Bank serves over 10million customers in the United States, with a network of 1,100 branches in 15 states and Washington, D.C.[9]
History
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 to merge the two financial institutions. The merger was later accepted by the Canadian minister of Finance on November 1, 1954, and was made official on February 1, 1955. The new institution adopted the name Toronto-Dominion Bank.[10] The two banks were of similar size and had healthy balance sheets at the time of the merger. They were among Canada's smaller banks; their desire merge was to compete with the larger banks. The combined Toronto-Dominion Bank became the fourth largest bank in Canada, with assets of $1.1billion.[11]
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.
Sponsorships
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.[39] 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 dropped Banknorth from the name and was branded as TD Garden. The Boston Celtics and Boston Bruins, which play at the venue, announced a 20-year extension of the TD Garden naming rights deal in January 2023.[40] The deal extends to 2045.[41]
Other indoor stadiums sponsored by TD Bank include TD Station in Saint John, New Brunswick; TD Coliseum in Hamilton, TD Place Arena in Ottawa, Ontario, and TD Civic Centre in Brantford, Ontario. TD Place Arena forms a part of TD Place at Lansdowne Park.
Controversies
In 2010, a suspicious customer trading at TD Bank in the UK was fined £750,000 (US$1.16 million) by the Financial Services Authority for intentionally mismarking his trading positions.[42]
News outlets reported the bank's policy regarding ordinary Iranian-Canadian citizens in July 2012.[43] About 100 personal bank accounts had been closed, 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.[43]
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 US$1.4billion fraud.[44]
In 2015, the Canadian news website the Halifax Examiner
Leadership
President
- 1) Albert Clifford Ashforth, February 1, 1955 – December 6, 1960
- 2) Allen Thomas Lambert, December 6, 1960 – September 1972
- 3) Richard Murray Thomson, September 1972 – April 30, 1978
- 4) John Allan Boyle, May 1, 1978 – May 31, 1981
- 5) Robert Willem Korthals, June 1, 1981 – January 31, 1995
- 6) Alexander Charles Baillie, February 1, 1995 – July 5, 2000
- 7) William Edmund Clark, July 6, 2000 – October 31, 2014
- 8) Bharat Masrani, November 1, 2014 – January 31, 2025
- 9) Raymond Chun, February 1, 2025 – present
Chairman of the board
See also
- List of banks and credit unions in Canada
- List of banks in the Americas
- List of largest banks
Further reading
External links
References
- Historical Fast Facts td.com, Toronto-Dominion Bank, retrieved December 13, 2019^
- TD Bank Corporate History td.com, Toronto-Dominion Bank, retrieved December 13, 2019^
- Tina Grant. Canadian Company Histories Gale Canada, 1996^