The Globe and Mail reports in its Friday edition in the biggest flurry of bank earnings during the second quarter reporting season, three of the big banks delivered results that surpassed expectations. The Globe's David Berman writes Royal Bank of Canada, TD and CIBC beat analysts' earnings estimates. "Our industry is changing in fundamental ways and at breakneck speed," said Bharat Masrani, TD's chief executive officer, during a Thursday conference call with analysts, pointing to the emergence of new competitors in the payments industry, such as Apple. TD took a hefty $337-million restructuring charge, largely related to layoffs, branch closures and curbed expansions in the United States. The charge lowered TD's reported earnings to $1.68-billion or 97 cents a share, down nearly 7 per cent from last year. Without the charge, the lender's adjusted earnings were $2.2-billion or $1.14 a share, up nearly 5 per cent over last year and beating the $1.11 average estimate among analysts. "The restructuring is really about controlling our rate of expense growth to help us become fitter and faster," Colleen Johnston, TD's chief financial officer, told The Globe. TD closed Thursday at $55.37, down 61 cents.