The Globe and Mail reports in its Saturday edition that TD Bank chief executive officer Bharat Masrani has some soothing words amid the COVID-19 pandemic. The Globe's Andrew Willis and James Bradshaw write that Mr. Masrani thinks that the economy should be able to bounce back relatively quickly from this crisis, as it stems from a health-care problem, rather than the deep-seated economic issues responsible for most recessions. Mr. Masrani said his models show the North American economy growing by the third or fourth quarter this year and back to precrisis levels early in 2021. However, he cautioned, the model is only as good as the data, and "every day it changes, based on new data."
TD is already talking to corporate clients about the financial support needed to get their businesses running once restrictions are lifted. "We have to make sure the number of permanent job losses in minimal,"
he said. Right now, the priority at TD and rival banks is keeping employees safe and working with government agencies to deliver money from support programs to customers as quickly as possible. Among the changes, TD is expanding the digital services it offers to clients, a shift that Mr. Masrani said he expects will be permanent.
© 2020 Canjex Publishing Ltd. All rights reserved.