TD bets on its Canadian businesses to prop up its growth ambitions
Toronto-Dominion Bank is focusing on its Canadian operations to recover from recent anti-money-laundering failures in the U.S. The bank aims to strengthen its personal, business, and wealth banking units amidst increasing competition from fintechs and other banks. Despite challenges, TD remains confident in its market position and growth potential in Canada.
- ▪TD Bank is betting on its Canadian businesses to recover from anti-money-laundering failures in the U.S.
- ▪The bank has identified personal banking, business banking, and wealth as critical for growth in Canada.
- ▪Competition in the banking sector is intensifying with the entry of fintechs and new challengers.
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Open this photo in gallery:TD bank in Edmonton's Ice District on May 5. Competition for banking services is heating up as challengers and fintechs charge into the market.Amanda Erickson/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountToronto-Dominion Bank’s TD-T top executives are betting on its Canadian businesses to pull it out of the trough caused by the lender’s anti-money-laundering failures in the United States. But the focus on Canada comes at a complex time. Competition for banking services is heating up as challengers and fintechs charge into the market. Ottawa is also angling for a shake-up in the sector, which has long been dominated by six big banks.
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