Latest news with #KelvinTran
CTV News
22-05-2025
- Business
- CTV News
TD Bank tops profit estimates, announces job cuts
TD Bank signage is pictured in the financial district in Toronto on Sept. 8, 2023. (Andrew Lahodynskyj / The Canadian Press) Canada's second largest lender TD Bank on Thursday reported better-than-expected quarterly earnings driven by growth at its capital markets business, as a volatile environment boosted trading activity. The lender also announced a restructuring program to save up to $650 million annually, including layoffs of about 2% or some 2,000 of its employees, business wind-downs and exits. Its wholesale banking arm - which houses its capital markets and investment banking businesses - reported a 16% jump in net income and record revenue of $2.13 billion, up 10% from a year earlier. That reflected higher trading-related revenue and underwriting fees, including from the sale of its remaining equity investment in U.S. financial services firm Charles Schwab SCHW.N. 'When there is uncertainty in the market, people take views on the direction, so you actually see more trading volume happening. TD, both on the securities side and wealth management side, will benefit from that,' CFO Kelvin Tran said in an interview. However, the bank set aside $1.34 billion in provisions to shield against future souring loans in an uncertain environment, up from $1.07 billion a year earlier. It also expects to incur restructuring charges of $600 million to $700 million pre-tax over the next several quarters. 'The uncertainty in the market does cause clients to pause in the wait and see mode, and they're deferring some long-term decisions. We still see loan growth despite the uncertainty in the environment, but given the outlook, and given that there's uncertainty, we build reserves,' Tran said. TD is undergoing a broad-based strategic review as the new leadership looks to simplify the business and turn around the bank after its anti-money laundering problems. Raymond Chun, a longtime TD Bank executive, took the helm in February. Tran said the bank is in the advanced stages of its review, which looks at how TD can 'accelerate momentum and seize new opportunities.' RBC Capital Markets bank analyst Darko Mihelic said he had a positive view on the results and the restructuring program was significant. TD kicks off the earnings season for Canadian lenders, with others set to report next week. TD's results offer a glimpse into the impact of the tariffs chaos on the Canadian economy. Adjusted earnings of $1.97 per share beat analysts' average estimates of $1.76, LSEG data showed. Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber and Jan Harvey, Reuters
Yahoo
03-03-2025
- Business
- Yahoo
/R E P E A T -- MEDIA ADVISORY - TD Bank Group Executive to Present at the RBC Global Financial Institutions Conference/
TORONTO, Feb. 13, 2025 /CNW/ - Kelvin Tran, CFO, TD Bank Group will present at the RBC 2025 Global Financial Institutions Conference on March 5, 2025. His presentation will begin at 8:00 a.m. ET. A live audio webcast will be available on the Investor Relations section of TD's website at A transcript of the event will be available after the call at About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD had $2.09 trillion in assets on January 31, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange. SOURCE TD Bank Group View original content: Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
Exclusive-TD Bank appoints compliance monitor after $3 billion US penalty for money laundering
By Nivedita Balu TORONTO (Reuters) - Canadian lender TD Bank appointed Guidepost Solutions as the compliance monitor for its anti-money laundering program after U.S. regulators hit the lender with $3 billion in penalties last year. Guidepost Solutions will monitor TD's business in the United States as part of a multi-year program to fix TD's anti-money laundering problems and strengthen its controls, Chief Financial Officer Kelvin Tran told Reuters in an interview. The costs for the monitor will be paid from a $500 million pot that TD has earmarked for compliance work. The details on the monitor are being reported by Reuters for the first time. "AML remediation is our top priority at TD, and we're making steady progress," Tran said. Guidepost Solutions is a U.S.-based company with more than 250 people, including former federal prosecutors and intelligence officers, according to its website. It specializes in investigations, monitoring and compliance. TD became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay more than $3 billion in penalties to resolve the charges in October. The U.S. Department of Justice and Financial Crimes Enforcement Network (FinCEN) ordered TD at the time to appoint a monitor, typically a third-party consultant or law firm, to observe its operations, track its progress on risk and controls, and report to regulators. Regulators said TD ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit. It facilitated more than $650 million in transactions to launder funds on behalf of people selling fentanyl and other deadly drugs, while its employees took bribes from criminal gangs, the officials said. TD has since announced the departure of CEO Bharat Masrani, who also led its U.S. unit before taking helm. Its global AML officer Herb Mazariegos also left, and the bank has laid off several other executives and cut salaries.
Reuters
27-02-2025
- Business
- Reuters
Exclusive: TD Bank appoints compliance monitor after $3 billion US penalty for money laundering
TORONTO, Feb 27 (Reuters) - Canadian lender TD Bank ( opens new tab appointed Guidepost Solutions as the compliance monitor for its anti-money laundering program after U.S. regulators hit the lender with $3 billion in penalties, opens new tab last year. Guidepost Solutions will monitor TD's business in the United States as part of a multi-year program to fix TD's anti-money laundering problems and strengthen its controls, Chief Financial Officer Kelvin Tran told Reuters in an interview. The costs for the monitor will be paid from a $500 million pot that TD has earmarked for compliance work. The details on the monitor are being reported by Reuters for the first time. "AML remediation is our top priority at TD, and we're making steady progress," Tran said. Guidepost Solutions is a U.S.-based company with more than 250 people, including former federal prosecutors and intelligence officers, according to its website. It specializes in investigations, monitoring and compliance. TD became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay more than $3 billion in penalties to resolve the charges in October. The U.S. Department of Justice and Financial Crimes Enforcement Network (FinCEN) ordered TD at the time to appoint a monitor, typically a third-party consultant or law firm, to observe its operations, track its progress on risk and controls, and report to regulators. Regulators said TD ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit. It facilitated more than $650 million in transactions to launder funds on behalf of people selling fentanyl and other deadly drugs, while its employees took bribes from criminal gangs, the officials said. TD has since announced the departure of CEO Bharat Masrani, who also led its U.S. unit before taking helm. Its global AML officer Herb Mazariegos also left, and the bank has laid off several other executives and cut salaries.
Yahoo
13-02-2025
- Business
- Yahoo
MEDIA ADVISORY - TD Bank Group Executive to Present at the RBC Global Financial Institutions Conference
TORONTO, Feb. 13, 2025 /CNW/ - Kelvin Tran, CFO, TD Bank Group will present at the RBC 2025 Global Financial Institutions Conference on March 5, 2025. His presentation will begin at 8:00 a.m. ET. A live audio webcast will be available on the Investor Relations section of TD's website at A transcript of the event will be available after the call at About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD had $2.06 trillion in assets on October 31, 2024. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges. SOURCE TD Bank Group View original content: Sign in to access your portfolio
