Word: toronto-dominion
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...when the Canadian bank Toronto-Dominion got out of structured products, including CDOs and interest-rate derivatives, CEO Ed Clark was pilloried for leaving profit on the table. Clark, who has a Ph.D. in economics from Harvard, made the decision because he couldn't comprehend, to his satisfaction, the credit and equity products that were being traded at the firm. So he decided to quit the business--a move that kept his bank in the black while others suffered. "I'm an old-school banker," he later said. "I don't think you should do something you don't understand...
After 16 years coaching football, Ameritrade CEO JOE MOGLIA knows comebacks. Once a dotcom disaster, Ameritrade has revived on his watch. It recently snubbed a bid from E-Trade and instead bought TD Waterhouse U.S.A., part of Toronto-Dominion Bank. Moglia spoke with TIME's JYOTI THOTTAM about online trading in the post-bubble...
Bank One and J.P. Morgan Chase. Now the pairings are trickling down the asset chain. In late August Citigroup said it was buying its way into retail banking in Texas by acquiring privately held First American Bank. Two days later, Canada's Toronto-Dominion Bank announced it would spend $3.8 billion for 51% of Banknorth Group, based in Portland, Maine, which is itself expanding southward by acquisition...
Some of that gap has already been plugged by other combines. In 1964, London's Midland Bank joined the Commercial Bank of Australia, the Standard Bank of London and the Toronto-Dominion Bank to create the Midland and International Banks Ltd. (capital: $56 million). Three months ago, Britain's Barclays Bank, the Bank of America, Italy's Banca del Lavoro, Germany's Dresdner Bank, Algemene Bank of The Netherlands and Banque Nationale de Paris formed Société Financière Européenne (capital: $7,800,000), with head offices in Paris and Luxembourg...
...foreign economists agreed with German Federal Bank Director Otmar Emminger, who felt that "a mild U.S. recession three to six months from now is a possibility." But many more, pointing to the continuing rise in U.S. purchasing and production, side with Allen T. Lambert, president of Canada's Toronto-Dominion Bank, who holds that "there is a tendency to overplay some of the weaknesses because North America is entering a new period of world competition. I certainly don't expect a recession in the next six to nine months.'' And a surprising number of the foreign...