Toronto-Dominion Bank

Overview

Toronto-Dominion Bank, known as TD Bank Group, is a North American banking and financial services company whose core activities span retail and commercial banking, wealth management, insurance, and wholesale banking. Its main operating businesses are Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking, with products and services that include consumer and business banking, auto finance, investing, insurance, and capital markets services. TD’s franchise is centered on Canada and the United States, while it also maintains operations in financial centres globally. By October 31, 2024, TD was the sixth largest bank in North America by assets, with more than 27.9 million customers and $2.06 trillion in assets, and it also served more than 17 million active online and mobile customers.[1]

TD states that its purpose is to give its customers, communities, and colleagues “the opportunities and confidence to thrive in a changing world.” [2] As a scale indicator, the group reported revenue of $57.223 billion in fiscal 2024 and employed more than 95,000 colleagues around the world.[3][4] Its physical footprint includes 1,060 branches in Canada and 1,132 stores in the United States, underscoring its large retail banking presence across its two core markets.[5][6] [1]+5

Products & services

Toronto-Dominion Bank’s product lineup includes Personal Deposits, which cover chequing, savings, and investment products for retail customers, and Real Estate Secured Lending, which consists of homeowner lending secured by residential properties.[7][8] Its cards and unsecured lending offering is grouped as Credit Cards, Payments and Consumer Lending, including proprietary and co-branded credit cards, debit, digital wallets, loyalty offerings, payment plans, and unsecured financing products.[9] For business clients, TD offers Small Business Banking products and services, Auto Finance for prime and non-prime automotive markets, recreational and leisure vehicles, and floor plan financing, and Merchant Solutions providing point-of-sale technology and payment solutions for large and small businesses.[10]+2

In wealth and insurance, TD offers Direct Investing platforms and resources that let self-directed retail investors research, manage, and trade a range of investment products through online, phone, and mobile channels; Wealth Advice services for mass affluent, high net worth, and ultra high net worth clients; and Asset Management products spanning public and private markets for retail and institutional clients.[13]+2 Insurance products are split between Property and Casualty offerings such as home, auto, and small business insurance, and Life and Health offerings including credit protection for borrowing customers, life and health insurance, credit card balance protection, and travel insurance.[16][17] Where product mix is disclosed, residential mortgages represented 32.4% of the average loan categories shown in 2024, consumer instalment and other personal lending 20.5%, credit cards 3.7%, and business and government lending 43.4%; within Wealth Management and Insurance revenue, Wealth contributed C$6.0 billion, or 44.7%, and Insurance contributed C$7.5 billion, or 55.4%.[18][19] [7]+12

Geographic presence

Toronto-Dominion Bank reports its business geographically across three regions: Canada, the United States, and Other international [20]. In fiscal 2024, it generated C$31.453 billion of revenue in Canada, C$22.097 billion in the United States, and C$3.673 billion in Other international markets, equal to roughly 55.0%, 38.6%, and 6.4% of total revenue, respectively [21]. TD also describes its core footprint as serving one in three Canadians and more than 10 million customers in the United States, with a wholesale banking presence through offices around the world [22].

The bank’s head office is in Toronto, Ontario, at Toronto-Dominion Centre [23]. In 2024, its Canadian Personal and Commercial Banking network had 1,060 branches and 27,930 employees, while its U.S. Retail network had 1,132 stores/branches and 27,802 employees [24]. At the group level, TD reported an average of 101,758 full-time equivalent staff, 2,245 retail outlets, 85 retail brokerage offices, and 5,964 automated banking machines [25][26]. Beyond North American retail banking, TD Securities operated in 32 cities worldwide [27]. [20]+7

Business segments

Toronto-Dominion Bank reports four operating business segments—Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking—plus a Corporate segment for centralized and residual items.[28][29] Canadian Personal and Commercial Banking covers personal, small business, and commercial banking in Canada, including TD Auto Finance Canada.[29] U.S. Retail includes U.S. personal and business banking, TD Auto Finance U.S., the U.S. wealth business, and TD’s equity investment in Schwab.[29] Wealth Management and Insurance combines the Canadian wealth business for retail and institutional investors with the insurance business, which offers property and casualty, life, and health products across Canada.[29] Wholesale Banking provides capital markets, investment banking, and corporate banking services, including underwriting, strategic advisory, and client trading, funding, and investment support.[29] The Corporate segment captures treasury management, securitization program effects, tax-related adjustments, management reclassifications, and residual unallocated revenue and expenses.[29]

Using 2024 reported revenue as an approximate measure of segment size, Canadian Personal and Commercial Banking contributed about 35% of total revenue, U.S. Retail about 24%, Wealth Management and Insurance about 24%, Wholesale Banking about 13%, and Corporate about 5%.[30] On an adjusted net income basis, the mix was roughly 51% Canadian Personal and Commercial Banking, 34% U.S. Retail, 14% Wealth Management and Insurance, 10% Wholesale Banking, and negative 8% Corporate.[30] Reported net income contribution was less representative in 2024 because U.S. Retail accounted for only about 1% of reported net income and Corporate was negative, reflecting the impact of segment-specific adjustments and centrally managed items.[30] [28]+2

Company history

Toronto-Dominion Bank traces its origins to two 19th-century Canadian banks: The Bank of Toronto was founded in 1855 and began operations in 1856, while The Dominion Bank was established in 1869 and began operations in 1871.[text-01a49c3259] Those institutions merged on February 1, 1955 to create The Toronto-Dominion Bank.[text-01a49c3259]

In the decades that followed, TD broadened its business mix, including the development of a wealth management division, and in 2000 it acquired Canada Trust, a major step in building out its Canadian retail banking franchise.[text-01a49c3259][https://www.td.com/ca/en/about-td/for-investors/investor-relations/presentation-and-events/acquisition-history-2000] TD then accelerated its expansion in the United States through its 2004 agreement to acquire a majority stake in Banknorth and its 2007 agreement to acquire Commerce Bancorp, which closed in 2008.[32]+2

In the 2010s, TD continued to add scale in consumer finance and U.S. banking, announcing and completing the acquisition of MBNA Canada’s credit-card business in 2011 and later acquiring Scottrade Bank, announced in 2016 and completed in 2017.[35]+3 [34]+9

Sources

• Toronto-Dominion Bank — Full financial report (2024 Y)
  29 citations

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• Toronto-Dominion Bank — Presentation (2024 Y)[24]
• www.td.com[31]
• www.td.com[32]
• www.td.com[33]
• Toronto-Dominion Bank — Full financial report (2010 Y)[34]
• www.td.com[35]
• Toronto-Dominion Bank — Full financial report (2011 Y)[36]
• Toronto-Dominion Bank — Full financial report (2016 Y)[37]
• Toronto-Dominion Bank — Transcript (2017 Y)[38]
• Toronto-Dominion Bank — Full financial report (2025 Y)[39]
• www.td.com[40]