 | |
 Toronto-Dominion Centre in downtownToronto | |
| TD Bank Group | |
| Company type | Public |
| ISIN | CA8911605092 |
| Industry | Financial services |
| Predecessors | |
| Founded | February 1, 1955; 71 years ago (1955-02-01)[note 1][1][2][3] |
| Headquarters | |
Key people | Raymond Chun (CEO) |
| Services | |
| Revenue |  CA$57.23 billion (2024)[4] |
 $8.84 billion (2024)[4] | |
| AUM | $541.5 billion (2024)[4] |
| Total assets | $2.09 trillion (2025)[4] |
| Total equity | $115.2 billion (2024)[5] |
Number of employees | 103,762 (FTE, 2024)[4] |
| Divisions | TD Canada Trust |
| Subsidiaries |
|
| Website | www |
Toronto-Dominion Bank (French:Banque Toronto-Dominion), doing business asTD Bank Group (Groupe Banque TD), and commonly known as justTD, is a Canadianmultinational banking andfinancial services corporation headquartered inToronto, Ontario. The bank was created on February 1, 1955, through the merger of theBank of Toronto and theDominion Bank, which were founded in 1855 and 1869, respectively. It is one of twoBig Five banks of Canada founded in Toronto, the other being theCanadian Imperial Bank of Commerce.
In 2021, according toStandard & 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 26thlargest bank in the world.[6] In 2019, it was designated aglobal systemically important bank by theFinancial Stability Board.[7] In 2023, the company was ranked 43rd in theForbes Global 2000.[8]
The bank and its subsidiaries have over 89,000 employees and over 26 million clients worldwide.[9] In Canada, the bank operates through itsTD Canada Trust division and serves more than 11 million customers at over 1,060 branches. In the United States, the company operates through their subsidiaryTD Bank, N.A., which was created through the merger ofTD Banknorth andCommerce Bank. TD Bank serves more than 6.5 million customers in the United States with a network of over 1,171 branches in 16 states and theDistrict of Columbia.[10]
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The predecessors of the Toronto-Dominion Bank, theBank of Toronto, and theDominion Bank were established in the mid-19th century, the former in 1855 and the latter in 1869.[11] In 1954, an agreement was reached to merge the two financial institutions. The merger was later accepted by the Canadianminister of Finance on November 1, 1954, and was made official on February 1, 1955. The new institution adopted the name Toronto-Dominion Bank.[11] 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 $1.1 billion.[12]
In 1967, TD Bank opened its new head office, theToronto-Dominion Centre indowntown Toronto.[11] In the next year, the bank entered into a partnership with Chargex (later known asVisa Inc.).[11] The TD Bank shield logo was unveiled to the public near the end of the decade, in 1969.[11]
In 1976, TD Bank piloted its firstautomated teller machine (ATM), the TD 360, which was renamed the Green Machine, a name it continues to carry.[13]
In 1987, Toronto Dominion Securities Inc. was established by the bank.[11] TD Bank saw growth in the 1990s, with the acquisition of several financial assets including the commercial branches ofStandard Chartered Bank of Canada. In 1992, the bank acquired the assets and branches of Central Guaranty Trust, as well as Waterhouse Investor Services in 1996.
In 1992, TD Bank and G4S Cash Solutions, a subsidiary of British security services companyG4S plc, began a pilot project in Toronto that developed into a nationwide partnership in 1997. G4S Cash Solutions secured the contract to transport cash and provide first-line maintenance for the bank's ATMs – both cash dispensing and deposit pick up units." By 2010, the partnership had expanded where G4S Cash Solutions operated 2,577 ATMs, 1,093 branch night deposits, 95 weekly balanced cash dispensers as well as eight cash dispensers for branch tellers and 100 across the pavement services and hosted a discussion on the introduction of polymer banknotes in 2011 with leading Canadian financial institutions.[14]
TD Bank formed a partnership withBank of Montreal (BMO) andRoyal Bank of Canada (RBC) in 1996 to create Symcor, a private entity that offers transaction services such as item processing, statement processing and cash-management services to major banks and retail and telecommunications companies in Canada. In 2011, Symcor produces close to 675 million statements and more than two billion pages of customer statements, and processes three billion cheques annually.[15][16]
In 1998, TD Bank and theCanadian Imperial Bank of Commerce agreed to a merger. However, theGovernment of Canada, at the recommendation of thenMinister of FinancePaul Martin, blocked the merger, as well as another proposed merger between theBank of Montreal and theRoyal Bank of Canada – believing it was not in the best interest of Canadians.[17]
In 2000, Toronto-Dominion Securities bought Newcrest Capital forCA$224 million (75 per cent in stock and 25 per cent in cash).[18] In the same year, TD Bank also acquired Canada Trust, re-branding most of its commercial banking operations in Canada asTD Canada Trust.
Ultimately Martin would approve the merger of TD and Canada Trust with some conditions. The new bank sold Canada Trust'sMasterCard business to meet the demands of the Competition Bureau due to the fact that TD issued Visa cards at the time and Canada Trust issued MasterCard and competition rules at the time prevented a single institution from the duality of selling both brands simultaneously.[19] The Competition Bureau also forced the sale of 13 branches, representing over 120,000 customers, in three Ontario markets where the territories of TD and Canada Trust overlapped. The vast majority of the affected branches were in theKitchener-Waterloo area, including four inKitchener, two inWaterloo, four inCambridge and one inElmira. All but one branch were sold to theBank of Montreal for $50 million. The remaining branch inParis, Ontario, was sold toLaurentian Bank of Canada. In all six TD branches and seven Canada Trust branches specifically changed hands to meet the Competition Bureau's requirements.[19]
In response, TD announced it would close 275 branches, representing 4,900 employees, to adhere to the ruling and to reduce overall costs. The Canadian Federation of Independent Business said the Competition Bureau's decision to ultimately approve the deal would reduce consumer choice while eliminating the chance to create a second-tier of Canadian banking by killing off the Trust industry in Canada.[20]
In 2002, TD Bank acquired Stafford Trading and Letco Trading. In the following year, TD Bank acquiredLaurentian Bank's retail branches west ofQuebec.
In 2004, TD Bank entered the Americanretail banking market, announcing an agreement to acquire the majority stake of Banknorth, aNew England–based bank, for a total ofUS$3.8 billion.[21] Banknorth was later rebranded asTD Banknorth after the sale was finalized in March 2005.
In January 2006, the company sold its United States brokerage business branded as TD Waterhouse, which it had purchased in 1984, to Ameritrade. The business was renamedTD Ameritrade.
In April 2007, TD Bank acquired all remaining shares of TD Banknorth, transforming TD Banknorth into a fully owned subsidiary of TD Bank, and resulting in it being no longer traded on theNew York Stock Exchange.[22] In the same year, TD Bank acquiredCommerce Bancorp, a bank based inCherry Hill, New Jersey. Commerce Bancorp was later merged with TD Banknorth to formTD Bank, N.A. in 2008.
In 2010, the bank acquired the Florida-based Riverside National Bank of Fort Pierce; and theSouth Financial Group Inc. In the following year, TD Bank acquired Chrysler Financial, which was later rebranded asTD Auto Finance.[23] On December 1, 2011, TD Bank acquiredMBNA's Canadian credit card business.[24] In October 2014,Affiliated Computer Services, a subsidiary ofXerox, acquired Symcor's U.S. operations from TD Bank.[25]
AfterMoody's Investor Service downgraded the credit worthiness of Royal Bank of Canada to Aa1 on December 13, 2010, TD Bank remained the only one of Canada'sBig Five banks with a topAaa credit rating at that point in theGreat Recession (at the time, CIBC was Aa2, Scotiabank was Aa1 and Bank of Montreal was Aa2).[26] It is also ranked number 1 by profit in theTop 1000 2012 listing.[27]
From 2014 to 2015, TD went through a minor restructuring which included job cuts and other cost-cutting measures, under the leadership ofBharat Masrani, which kept the stock price on a stable upward trend.[28]
In April 2020 it became apparent that TD Bank was a significant secured creditor involved in the voluntaryadministration of theVirgin Australia airline, which has debts ofA$7 billion. The Virgin administrators declared TD Bank held an all present and after-acquired property charge over substantially the whole of the property of certain entities of the airline.[29]
In March 2021, TD Bank agreed to buy Headlands Tech Global Markets LLC fromHeadlands Technologies to enhance its automated fixed income trading platform.[30][31]
Bloomberg reported that TD Bank, along with Canada's other large banks, added ESG measures to their chief executive officers' compensation plans.[32]
On February 28, 2022, TD made aUS$13.4 billion offer forFirst Horizon Corp., with 1,159 branches, expected to be completed in February 2023. This would be the second-largest bank deal since theGreat Recession in the United States. As of December 31, 2021, TD hadUS$423.65 billion in U.S. assets, making it the ninth largest bank in the United States. If completed the deal would give TD 1,560 branches in 22 U.S. states.[33] On May 4, 2023, it was announced that the deal would not proceed due to regulatory uncertainty.[34]
In July 2022, TD Bank announced it was evaluating a takeover of US brokerage firmCowen.[35] The following month, TD agreed to buy Cowen forUS$1.3 billion in an all-cash deal, paying Cowen shareholdersUS$39 per share.[36] TD announced that Cowen chair and CEO Jeffrey Solomon would join the senior leadership ofTD's securities division following the acquisition, and that the combined business will be known as TD Cowen, headed by Solomon.[36] To fund the purchase, TD sold over 28 million non-voting common shares ofCharles Schwab Corporation, reducing its stake in the company from 13.4 percent to 12 percent.[36]
In August 2023, TD Bank Group announced that it was expanding itsshare repurchase program. It planned to repurchase 90 millionshares (about 4.9 percent of outstanding shares).[37]
In February 2025, Toronto-Dominion Bank indicated it aimed to sell its 10.1% stake in Charles Schwab for about 14.6 billion USD. This was a part of a strategic review following a U.S. money-laundering fine. The bank planned to use 8 billion CAD of the proceeds for share buybacks and sought to invest the rest in growth as it simplified its U.S. operations.[38]
In May 2025, TD Bank announced the closure of 38 branches across 10 states and Washington, D.C., effective June 5, 2025. This decision is part of a broader industry trend, with 272 branches closed nationally in the first quarter of 2025 alone.[39]
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Toronto-Dominion Bank, and its subsidiaries, are title sponsors for a number of sporting venues in Canada and the United States. TD Bank holds thenaming rights to several multi-sportindoor arenas, includingTD Garden inBoston, Massachusetts.[40] 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. TheBoston Celtics andBoston Bruins, which play at the venue, announced a 20-year extension of the TD Garden naming rights deal in January 2023.[41] The deal extends to 2045.[42]
Other indoor stadiums sponsored by TD Bank includeTD Station inSaint John, New Brunswick;TD Coliseum inHamilton,TD Place Arena inOttawa, Ontario, andTD Civic Centre inBrantford, Ontario. TD Place Arena forms a part of TD Place atLansdowne Park. The bank also holds the naming rights to the outdoor stadium at TD Place, known asTD Place Stadium. Other outdoor stadiums sponsored by TD Bank includeTD Stadium inLondon, Ontario, andTD Ballpark in Dunedin, Florida.
In 2010, a suspicious customer trading at TD Bank in the UK was fined £750,000 (US$1.16 million) by theFinancial Services Authority for intentionallymismarking his trading positions.[43]
News outlets reported the bank's policy regarding ordinaryIranian-Canadian citizens in July 2012.[44] 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.[44]
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 allegedPonzi schemerScott Rothstein'sUS$1.4 billion fraud.[45]
In 2015, the Canadian news website theHalifax Examiner reported that apolitical action committee (PAC) established by TD Bank had donated over $50,000 to the campaigns of anti-LGBT rights politicians in the United States.[46] The article suggested that this was problematic given TD Bank's status as a sponsor of 41 LGBT Pride events across North America; TD Bank made no comment. In response to this article, on October 6, 2015, a motion was brought at the annual general meeting of Halifax Pride to sever ties with TD Bank if it did not provide a satisfactory response to the concerns; the motion was ultimately defeated.[47]
On March 10, 2017, theCanadian Broadcasting Corporation's (CBC) news programmeGo Public reported that TD Bank employees had admitted that, under pressure to achieve sales targets, they had increased customers' lines of credit, overdraft amounts, and Visa credit limits without advising them which is against the law. One TD financial adviser says she "invested clients' savings into funds which were not suitable, because of the SR [sales revenue] pressure". Another admitted downplaying the risk of products saying: "I was forced to lie to customers, just to meet the sales revenue targets." In an internal letter to employees, Andy Pilkington, executive vice-president of branch banking, wrote: "We don't believe the [CBC] story is an accurate portrayal of our culture," but the report provided an opportunity "to pause, reflect and ask ourselves ... how we can do better for our people and our customers."[48] The bank's stock lost 5.55 percent of its value on March 10, posting its worst day since 2009.[49]
In 2017, Greenpeace announced a campaign against TD's financing oftar sands on the basis of environmental as well as human rights issues. Their campaign stated that tar-sand pipelines are not consistent with a transition to a lower-carbon world and that many Indigenous and First Nations communities along the pipeline routes have not given permission for the projects.[50]
Following his ended relationship to private-banking withJPMorgan, which was headed by his friendJes Staley, and his relationships later for over 20 years through Thomas Bowers at theCiti Private Bank and subsequently the Thomas Bowers headed private wealth management division ofDeutsche Bank from 2013 until early 2019,[note 2]Jeffrey Epstein established a close relationship during 2019, allegedly throughDarren Indyke, with wealth management and private banking at TD Bank which was Epstein's bank while he was under investigations in the United States, Brazil, and France at the time of his death in August 2019.[52][53][54][55][56]
In February 2022, TD Bank froze two personal bank accounts holding $1.1 million in funds, deposited to support thevaccine mandate protests in Ottawa.[57]
TD Bank has faced serious regulatory violations relating tomoney laundering. The bank has been heavily criticized for its role in thefentanyl andopioid epidemic in the United States, particularly in assistance provided by bank employees to drug traffickers.[58][59] The allegations have prompted calls for CEO Bharat Masrani to step down, and has severely tarnished TD Bank's reputation in the United States. The fines in the United States are expected to exceedUS$2 billion, which would be the most a Canadian bank has ever been fined.[60] The bank was also finedCA$9.19 million byFINTRAC, which is much more reluctant than theUnited States Department of Justice to penalize large institutions such as TD Bank because of the power and influence TD Bank has over Canadian politicians and government policy.[60] TheCA$9.19 million fine is the largest fine ever imposed byFINTRAC.
On October 10, 2024, it was revealed that TD was required to payUS$3 billion in fines due to charges that it failed to properly monitor money laundering by drug cartels, particularly by aChinese organized crime ring based inFlushing, Queens.[61] TD will payUS$1.3 billion to the US Treasury Department’s Financial Crimes Enforcement Network, a record fine for a bank. TD must also payUS$1.8 billion to the US Justice Department.[62] U.S. senatorsElizabeth Warren andRon Wyden requested that TD identify executives responsible for anti-money laundering compliance failures.[61]
Media related toToronto–Dominion Bank at Wikimedia Commons| International | |
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