How does TD move forward from its failed megadeal?
boosts Toronto-Dominion Bank’s reserves to industry highs, with $20-billion of extra capital. With the sector in turmoil, boasting the fattest wallet can only be a good thing.now qualifies as America’s least credible bank. Chief executive officer Bharat Masrani couldn’t close a signature transaction, because of opposition from U.S. regulators.
Throughout the approval process, TD executives had a consistent line: U.S. regulators never said “no” to the takeover, they simply said “not yet.” TD and First Horizon eventually got tired of waiting. TD will try to win U.S. customers from far weaker regional banks by aggressively pricing savings, credit and wealth management products. The Canadian bank can also make bolt-on acquisitions, acquiring lines of business or loan books from U.S. rivals that are currently scrambling to raise capital. However, these slow-and steady approaches will disappoint investors who were promised a transformational transaction in Tennessee.
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