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TD Securities
Overall business strategy
- Continue to invest in capital market businesses which support the needs of core customers and provide opportunities for high growth.
- Deliver full suite of capital market services for our established customer base in Canada.
- Operate as a niche investment bank outside of Canada by leveraging product capabilities and sector expertise.
- Selectively use credit to support high return relationships.
- Significantly reduce corporate lending risk.
Challenges in 2002
- Significant deterioration in credit quality, especially within the telecommunications and utilities sectors.
- Weak investor and corporate activity levels.
- Economic slowdown in the U.S.
2002 Highlights
- #1 rank in Overall Quality of Equity Sales in Canada by Brendan Wood International.
- #1 rank in Canadian Dollar Short-Dated Swaps and Forward Rate Agreements in Risk magazine’s 2002 Global Derivatives Rankings.
- Lead advisor to Clarica on its merger with Sun Life.
- Segmentation of the corporate lending business into core and non-core with the objective of having lower lending levels in the future.
Business outlook and focus for 2003
- Reduce total capital employed in the global corporate lending business as the non-core portfolio declines.
- We are cautiously optimistic that heightened regulatory monitoring and review will spark a recovery in investor and corporate confidence leading to stronger corporate activity.
- Increased customer profitability.
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