Overview

• Management reinstated multi-year guidance targeting a 16% adjusted return on equity and 7% to 10% adjusted EPS growth by fiscal 2029.
• TD set enterprise cost reductions of C$2bn to C$2.5bn, including US$750m in U.S. savings over four years, with automation and AI expected to contribute about C$500m annually.
• About 10% of roughly 1,100 U.S. branches will be relocated or closed, a move projected to save US$100m to US$150m, alongside a previously announced 2% workforce reduction.
• Revenue initiatives include co-branded credit cards and affluent-client services projected to add US$700m and US$300m, supported by hiring 1,200 wealth advisers in Canada and 500 in the U.S.
• Capital plans draw on proceeds from the Schwab stake sale to fund a C$6bn to C$7bn buyback toward roughly C$15bn in returns by 2026, while TD continues about US$1bn in AML remediation through 2026 and maintains U.S. assets below a US$434bn cap after a roughly 10% reduction that incurred about US$1.5bn in losses.