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Toronto-Dominion Bank
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Shares Issued 1,813,161,165
Close 2020-04-03 C$ 55.79
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Globe says TD boss worries about hard times in N.Y.

2020-04-06 07:30 ET - In the News

The Globe and Mail reports in its Saturday edition that Bharat Masrani predicts that by late summer, the North American economy will take the first steps in a spirited recovery from a global pandemic. The Globe's Andrew Willis and James Bradshaw write, however, that TD Bank's chief executive officer expects some dark days between now and then, based on the "terrible" times the bank's customers are experiencing as the COVID-19 virus sweeps through New York. TD has more branches along the U.S. eastern seaboard -- 1,220 -- than in all of Canada, and Mr. Masrani said New York is like the bank's second home. That puts TD at the front lines in the United States as it helps customers cope with the COVID-19 pandemic. Before he became CEO, Mr. Masrani spent seven years running the bank's U.S. operations, with 26,000 employees, and built deep ties with employees and clients in the Big Apple. What is unfolding in New York is having a "deep psychological impact" on one of the world's leading financial centres, he told The Globe. "New York is going through a really rough patch," he said. "The [pandemic] peak is going to probably be earlier, but it's going to be a much steeper and a higher peak than what people were expecting."

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