Overview

• At investor day, TD restored medium‑term guidance including a 16% adjusted return on equity and 7%–10% adjusted EPS growth by fiscal 2029.
• The bank outlined C$2.0–C$2.5 billion in annual enterprise savings, with U.S. actions targeting $750 million through branch optimization, automation and data‑driven AI efficiencies.
• TD will relocate or close about 10% of its roughly 1,100 U.S. branches and reduce headcount by about 2% as part of its restructuring program.
• Growth efforts center on higher‑fee businesses, with plans to expand co‑branded cards and affluent services that management projects could add $1.0 billion in U.S. revenue and to hire 1,200 advisers in Canada and 500 in the U.S.
• To comply with the $434 billion asset cap, TD has shrunk U.S. assets by roughly 10% with about $1.5 billion in losses, will spend about $1 billion on AML remediation in 2025–2026, and announced a new C$6–C$7 billion share buyback funded by its Charles Schwab stake sale.