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TD.comAnnual Report 2012Who we are › Businesses


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Ed Clark
Group President and Chief Executive Officer
TD Bank Group

photo of Ed Clark

Ed Clark was appointed Group President and Chief Executive Officer of TD Bank Group on December 20, 2002. Prior to this appointment, he was President and Chief Operating Officer, a role he held since July 2000.

Following TD's acquisition of Canada Trust Financial Services in February of 2000, Ed joined TD Bank Group as Chairman and Chief Executive Officer of TD Canada Trust. In this role he oversaw the successful integration of the TD and Canada Trust banking operations. Before joining TD, Ed was President and Chief Executive Officer of Canada Trust Financial Services.

In 1985, he joined Merrill Lynch, and three years later Ed was appointed Chairman and Chief Executive Officer of Morgan Financial Corporation, a position he held until he joined Canada Trust Financial Services Inc. in 1991. From 1974 to 1984, Ed held a number of senior positions in the federal government.

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Riaz Ahmed
Group Head, Corporate Development,
Enterprise Strategy and Treasury
TD Bank Group

photo of Riaz Ahmed

Riaz was appointed Group Head, Corporate Development, Enterprise Strategy and Treasury in May 2010 and became a member of the Senior Executive Team in August 2009. In this role, he is responsible for overseeing the Treasury and Balance Sheet Management Group, TD Economics and for supporting TD’s enterprise strategy and identifying and developing mergers and acquisitions.

Riaz joined TD in 1996 as an investment banker for TD Securities’ infrastructure and independent power team where he advised on originating and structuring domestic and cross-border project finance and leasing transactions. In 1999, Riaz was appointed Chief Financial Officer for TD Securities and subsequently Vice Chair and Chief Administrative Officer, overseeing Finance, Operations, Risk and Technology groups for TD’s Wholesale Banking business. In November 2004, Riaz was appointed Senior Vice President, Corporate Development.

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Mark Chauvin
Group Head and Chief Risk Officer
Risk Management
Corporate Office
TD Bank Group

photo of Mark Chauvin

In May 2010, Mark Chauvin was appointed Group Head, Risk Management, and Chief Risk Officer (CRO), TD Bank Group. In this role, Mark oversees the global management of credit, enterprise, market and operational risk for TD. Prior to this appointment, he was Executive Vice President, Risk Management, and CRO for TD, a position he had held since December 2006.

Since joining TD as a commercial account management trainee more than 30 years ago, Mark has held a number of increasingly senior management positions in the commercial, wholesale, retail and corporate areas of the bank.

In 2011, Mark ended a three-year term on the board of directors for the Risk Management Association (RMA), a not-for-profit group dedicated to advancing the use of sound risk principles in the financial services industry.

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Teri Currie
Group Head, Direct Channels,
Corporate and People Strategies
TD Bank Group

photo of Teri Currie

A member of TD's Senior Executive Team, Teri Currie plays a role in determining the organization's strategic direction and in developing and achieving TD's performance targets. In her role as Group Head of Direct Channels, Corporate and People Strategies, Teri is responsible for the bank's direct channels (online, phone and ATMs), talent management and people strategies, legal, compliance and anti-money laundering.

Teri joined TD Bank Group as Senior Vice President, Human Resources in 2004. In 2005, Teri was appointed Executive Vice President, Human Resources. She took on executive leadership of additional corporate areas in 2009 and 2010, and direct channels in 2011.

Over the last 25 years of her career, Teri has focused on the banking industry, primarily in the Human Resources and Corporate Reputation areas. Prior to joining TD in 2004, Teri held executive Human Resources positions with CIBC World Markets and Wealth Management and various senior line management and Human Resources positions with Canada Trust.

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Bob Dorrance
Group Head, Wholesale Banking, TD Bank Group and Chairman CEO & President, TD Securities

photo of Bob Dorrance

Bob Dorrance was named Group Head Wholesale Banking on November 1st, 2005.

As Chairman, Chief Executive Officer and President of TD Securities, Bob leads the integrated investment dealer business of TD Bank Group. He is responsible for determining the strategic direction of the firm as well as the day-to-day management of the global wholesale investment dealer operations.

Previously, Bob was co-head of the Dealer and managed TD Securities' Investment Banking, Institutional Equities' Sales, Equity Capital Markets and Proprietary Equity Trading, and the Trading and Research groups.

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Tim Hockey
Group Head, Canadian Banking, Auto Finance, and Credit Cards, TD Bank Group and President & CEO, TD Canada Trust

photo of Tim Hockey

As Group Head, Canadian Banking, Auto Finance, and Credit Cards, TD Bank Group and President & CEO, TD Canada Trust, Tim's primary responsibility is the leadership of Canadian banking, more commonly known as TD Canada Trust, which includes Canadian personal banking and business banking. He is also responsible for leading two of TD’s North American businesses - TD Auto Finance, and the bank’s credit card businesses. Over a 29 year career with TD, he has held senior positions in a variety of areas including mutual funds, retail distribution, information technology, core and small business, credit cards and personal lending.

In 1997 Tim obtained an MBA from the University of Western Ontario and he now sits on the Advisory Board of the Richard Ivey School of Business. Tim also serves on the Board of Directors for the SickKids Foundation, the largest non-governmental granting agency in children’s health in Canada, and is Chair of the Hospital for Sick Children’s Research and Learning Tower Campaign.

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Colleen Johnston
Group Head Finance and Chief Financial Officer
TD Bank Group

photo of Colleen Johnston

Colleen Johnston is currently Group Head, Finance, and Chief Financial Officer of TD Bank Group. Colleen joined TD in March 2004 as Executive Vice President, Finance Operations, after spending 15 years with Scotiabank in various senior positions. She began her career in 1982 with Price Waterhouse.

Colleen graduated from York University in Toronto in 1982 with a bachelor of business administration. She received her chartered accountant designation in 1984 and in 2006 was elected a Fellow Chartered Accountant (FCA), the highest designation conferred by the Institute of Chartered Accountants of Ontario, recognizing her outstanding career achievements and dedication to community activities.

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Bharat Masrani
Group Head
U.S. Personal and Commercial Banking
TD Bank Group and President & CEO
TD Bank, America’s Most Convenient Bank®

photo of Bharat Masrani

Bharat has more than 25 years of banking experience and is a member of the TD Bank Board of Directors. Prior to his role at TD Bank, he served as Vice Chair and Chief Risk Officer of TD Bank Group, a position he held from May 2003. During his tenure with TD Bank Group, Bharat also served as Senior Vice President and Chief Executive Officer of TD Waterhouse Investor Services in Europe; Senior Vice President, Corporate Finance and Co-Head in Europe; Vice President and Country Head for India; and Vice President and Head, Corporate Banking Canada. He began his banking career with TD Bank Group in 1987 as a Commercial Lending Trainee.

TD Bank is one of the 10 largest commercial banks in the U.S., with more than 28,000 employees. The bank offers a broad array of retail, small business and commercial banking products and services to approximately 8 million customers through its extensive network of more than 1,300 retail stores from Maine to Florida.

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Frank McKenna
Deputy Chair
TD Bank Group

photo of Frank McKenna

Frank McKenna was appointed Deputy Chair of TD Bank Group on May 1, 2006. He is responsible for supporting the Bank in its customer acquisition strategy, particularly in the area of Wholesale and Commercial Banking.

Frank has held numerous leadership positions in both the public and private sector. For a decade (1987–1997) he was Premier of New Brunswick, having earned three consecutive majority governments, including the historic victory in 1987 of all 58 seats in the legislature. The McKenna government significantly improved the province’s standard of living and quality of life. Among its accomplishments, it balanced budgets, pioneered e-government services, attracted innovative industry clusters and improved educational outcomes. Frank also played a central role on the national stage, where among other initiatives, became a lead advocate for the Canada-US Free Trade Agreement.

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Mike Pedersen
Group Head, Wealth Management, Insurance, and Corporate Shared Services
TD Bank Group

photo of Mike Pedersen

As Group Head, Wealth Management, Insurance, and Corporate Shared Services, Mike is responsible for TD’s wealth and insurance businesses, as well as the bank’s corporate shared services (IT, real estate, strategic sourcing, corporate security, and the project management office). In addition, Mike champions the bank’s environmental agenda.

Prior to joining TD in July 2007, Mike worked in London, England, where he was responsible for Barclays' global private bank and two other international businesses.

Before joining Barclays, Mike spent twelve years in senior roles at CIBC, including Senior Executive Vice President, Retail and Small Business Banking, and Executive Vice President, Branch Banking.

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Fred Tomczyk
President and Chief Executive Officer
TD Ameritrade

photo of Fred Tomczyk

Fred Tomczyk is president and chief executive officer of TD Ameritrade. He is a 20-year veteran of the financial services industry with extensive expertise in wealth management, retail distribution and sales.

Prior to his current appointment, Fred served as the firm’s Chief Operating Officer, with responsibility for the implementation of the Company’s growth strategy.

Fred’s involvement with TD Ameritrade goes back several years, as he helped negotiate and shape the transaction that brought Ameritrade and TD Waterhouse together in 2005. He served as a member of the TD Ameritrade board of directors prior to joining the firm.

Prior to joining TD Ameritrade, Fred served as the vice chairman of corporate operations for TD Bank Financial Group. He also held a number of executive roles for Canada Trust, which later became TD Canada Trust.

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TD is the sixth largest bank in North America by branches, serving approximately 22 million customers in four key businesses across the globe.

Canadian Personal and Commercial Banking

TD Canada Trust offers personal and business banking to more than 11.5 million customers through a wide range of products and services, from chequing and savings accounts, to credit cards, mortgages and business banking, credit protection and advising on everyday finances. TD Canada Trust is there for its customers by making banking more comfortable with award-winning service through 24/7 mobile, internet, telephone and ATM banking. Convenient hours in over 1,100 branches help TD Canada Trust serve its customers better.

TD Auto Finance Canada is a leading financial solutions provider offering flexible financing options for customers making automotive, recreational vehicle, Powersports and Marine purchases. Through a nationwide network of dealers, TD Auto Finance Canada offers auto financing products to customers with consistent, reliable and responsive service.

TD Wealth and TD Insurance

TD Waterhouse Discount Brokerage a division of TD Waterhouse Canada Inc., provides global online investing, advice, private client services and asset management to a large and diverse institutional and retail client base.

TD Ameritrade provides investing and trading services for nearly six million client accounts and custodial services for more than 4,000 independent registered investment advisors. On average, its clients place approximately 400,000 trades each day.

TD Insurance helps protect clients from the 'accidents of life' through a wide range of products including credit protection, auto, home, health, life, and travel insurance. With more than three million clients, TD Insurance authorized products and services are available through more than 1,100 TD Canada Trust branches, online and over the phone.

U.S. Personal and Commercial Banking

TD Bank, America's Most Convenient Bank® is one of the 10 largest banks in the U.S., and provides customers with a full range of financial products and services at 1,300 convenient locations and thousands of ATMs from Maine to Florida.

TD Auto Finance U.S. is a competitive U.S. auto financing company focused on providing its customers with a personal, worry-free and easy automotive finance experience. Clients can depend on TD Auto Finance for stability and reliability; a financing partner that will always be there to meet the needs of its customers.

Wholesale Banking

TD Securities offers a wide range of capital market products and services to corporate, government and institutional clients who choose TD for its knowledge, innovation and experience. More than 3,500 employees in 13 offices around the world provide services including liquidity, equities and fixed income trading, foreign exchange services, as well as investment banking and research services.

* As at Oct. 31, 2012

Executive Vice Presidents

Nandita Bakhshi
Executive Vice President, TD Bank Group and Head, Product Management, TD Bank, America's Most Convenient Bank®

Stephen Boyle
Executive Vice President, Finance, TD Bank Group and Chief Financial Officer TD Bank, America's Most Convenient Bank®

Greg Braca
Executive Vice President, TD Bank Group, and Head of Corporate and Specialty Banking, TD Bank, America’s Most Convenient Bank®

Norie Campbell
Executive Vice President and General Counsel, TD Bank Group

Veronica Caropreso
Executive Vice President, TD Bank Group and Head of Shared Services TD Bank, America's Most Convenient Bank®

Paul Clark
Executive Vice President, TD Bank Group and President and CEO, TD Auto Finance

Michael Collins
Executive Vice President, TD Bank Group and Head of Control Functions TD Bank, America's Most Convenient Bank®

Sue Cummings
Executive Vice President, Human Resources, TD Bank Group

Paul Douglas
Executive Vice President, Business Banking, TD Canada Trust, TD Bank Group

Lance Drummond
Executive Vice President, Operations and Technology, TD Canada Trust, TD Bank Group

Thomas Dyck
Executive Vice President, Branch Banking, TD Canada Trust, TD Bank Group

Mark Faircloth
Executive Vice President, Rates & Foreign Exchange, TD Securities, TD Bank Group and Vice Chair, Rates and Foreign Exchange, TD Securities

Fred Graziano
Executive Vice President, TD Bank Group and Head, Regional Commercial Banking, Government Banking and Small Business TD Bank, America's Most Convenient Bank®

Brian Haier
Executive Vice President, TD Bank Group and Head, Regional Retail Banking and Direct Channels TD Bank, America's Most Convenient Bank®

Alan Jette
Executive Vice President, Treasury and Balance Sheet Management, TD Bank Group

Kevin Kessinger
Executive Vice President, Chief Information Officer and Head, Corporate Shared Services, TD Bank Group

Shailesh Kotwal
Executive Vice President, Retail Banking Products and Services, TD Canada Trust, TD Bank Group

Kenn Lalonde
Executive Vice President, Insurance, TD Bank Group and President and CEO, TD Insurance

Margo McConvey
Executive Vice President, Direct Channels and Distribution Strategy, TD Bank Group

Patrick Meneley
Executive Vice President, Wholesale Banking, TD Bank Group and Vice Chair, Head of Global Investment Banking, TD Securities

Dominic Mercuri
Executive Vice President, Community, Environment and Chief Marketing Officer, TD Bank Group

Christopher Montague
Executive Vice President and Senior Legal Advisor, TD Bank Group

Brian Murdock
Executive Vice President, Asset Management and Client Solutions, Wealth Management, TD Bank Group

Kerry Peacock
Executive Vice President, Direct Investing, Wealth Management, TD Bank Group

Robbie Pryde
Executive Vice President, TD Bank Group and Vice Chair, and Head of Equities, TD Securities

Michael Rhodes
Executive Vice President, North American Credit Cards and Merchant Services, TD Canada Trust, TD Bank Group

Leo Salom
Executive Vice President, Advice Businesses, Wealth Management, TD Bank Group

John Gordon See
Executive Vice President, Client and Shared Services, Wealth Management, TD Bank Group

Senior Vice Presidents

Vivian Abdelmessih
Craig Alexander
Kent Andrews
Debra Armstrong
Derek Astley
Scott Bacon
Melissa Ballenger
Ajai Bambawale
Thomas Barkhuff
Monique Bateman
Pamela Beauchamp
Lynn Belo
Sandra Bennett
David Boone
Caroline Booth
Theresa Ann Bowman
Richard Burke Jr
Melanie Burns
John Capozzolo
Michael Carbone
Raymond Chun
Sandra Cimoroni
Andrew Clarke
James Coccimiglio
Howard Cohen
Michael Copley

Sante Corona
Mark Crandall
Denise DeMaio
Jean Desgagne
Michael Donnelly
Linda Dougherty
Lisa Driscoll
Jane Duchscher
Gary Dunne
Christopher Dyrda
Malcolm Eylott
Francois Faucher
Allan Fielder
William Fink
Michael French
Gregg Gerken
James Gertie
Brian Gervais
Christopher Giamo
Glenn Gibson
Kevin Gillen
David Glidden
Joan Goodman
Deborah Gravinese
Daniel Griffiths
Jeffrey Henderson

Robert Hoak
Edward Hopkinson
Barbara Hooper
Charles Hounsell
Xihao Hu
Carmina Hughes
Martine Irman
Roger Johnson
Moti Jungreis
Paal Kaperdal
David Kelly
Roger Kent
Rizwan Khalfan
Carolyn Kingaby
Derek Koppe
Paul Langill
Kevin LeBlanc
Drew MacIntyre
Christine Marchildon
Richard Mathes
James Michael McGhee
Ronald Joseph McInnis
Christian McMillan
Paul Milkman
Louise Mitchell
Brian Monday

Joseph Monk
Alexander Morley
M. Christine Morris
Stephen Morse
Stephen Murphy
Adam Newman
Brendan O'Halloran
Paul Orlander
Carol Osler
Grace Palombo
Neil Parmenter
Ellen Patterson
David Pinsonneault
Edward Pollock
Leslie Anne Quinlan
Satish Rai
Lisa Reikman
Michael Reilly
John Rosenfeld
Heather Ross
Jane Russell
Rudy Sankovic
Stephan Schenk
Bruce Schouten
Craig Andrew Scott
Francesca Shaw

Sandra Sharman
Bruce Shirreff
Manjit Singh
Neeraj Singh
John David Sloan
Price Sloan
Brian Smith
Gregory Smith
Christopher Stamper
Stuart Suckonic
Brad Taylor
Howard Thompson
Timothy Thompson
John Tracy
Kelvin Vi Luan Tran
Peter van Dijk
Jeffrey van Duynhoven
Vinoo Vijay
Linda Verba
Guy Vezina
Paul Whitehead
Brandon Williams
Jennifer Young

Principal Subsidiaries1
(millions of dollars) As at October 31, 2012
North America Address of Head or Principal Office2 Carrying value of shares owned by the Bank
CT Financial Assurance Company Toronto, Ontario
Meloche Monnex Inc. Montreal, Quebec 1,341
  Security National Insurance Company Montreal, Quebec  
    Primmum Insurance Company Toronto, Ontario  
    TD Direct Insurance Inc. Toronto, Ontario  
    TD General Insurance Company Toronto, Ontario  
    TD Home and Auto Insurance Company Toronto, Ontario  
TD Asset Management Inc. Toronto, Ontario 552
  TD Waterhouse Private Investment Counsel Inc. Toronto, Ontario  
TD Auto Finance (Canada) Inc. Toronto, Ontario 936
TD Auto Finance Services Inc. Toronto, Ontario 1,288
TD Equipment Finance Canada Inc. Oakville, Ontario 3
TD Financing Services Home Inc. Toronto, Ontario 22
TD Financing Services Inc. Toronto, Ontario 25
TD Investment Services Inc. Toronto, Ontario 44
TD Life Insurance Company Toronto, Ontario 50
TD Mortgage Corporation Toronto, Ontario 10,492
  TD Pacific Mortgage Corporation Vancouver, British Columbia  
  The Canada Trust Company Toronto, Ontario  
TD Securities Inc. Toronto, Ontario 1,571
TD US P & C Holdings ULC Calgary, Alberta 23,877
  TD Bank US Holding Company Portland, Maine  
    Northgroup Sponsored Captive Insurance, Inc. Burlington, Vermont  
    TD Bank USA, National Association Portland, Maine  
    TD Bank, National Association Wilmington, Delaware  
      TD Auto Finance LLC Farmington Hills, Michigan  
      TD Equipment Finance, Inc. Cherry Hill, New Jersey  
      TD Private Client Wealth LLC New York, New York  
      TD Wealth Management Services Inc. Cherry Hill, New Jersey  
TD Vermillion Holdings ULC Calgary, Alberta 17,289
  TD Financial International Ltd. Hamilton, Bermuda  
    Canada Trustco International Limited St. Michael, Barbados  
    TD Reinsurance (Barbados) Inc. St. Michael, Barbados  
    TD Reinsurance (Ireland) Limited Dublin, Ireland  
  Toronto Dominion International Inc. St. Michael, Barbados  
TD Waterhouse Canada Inc. Toronto, Ontario 1,899
TDAM USA Inc. Wilmington, Delaware 2
Toronto Dominion Holdings (U.S.A.), Inc. New York, New York 1,441
  TD Holdings II Inc. New York, New York  
    TD Securities (USA) LLC New York, New York  
    Toronto Dominion (Texas) LLC New York, New York  
  Toronto Dominion (New York) LLC New York, New York  
  Toronto Dominion Capital (U.S.A.), Inc. New York, New York  
Internaxx Bank S.A.3 Luxembourg, Luxembourg 47
NatWest Personal Financial Management Limited (50%) London, England 60
  NatWest Stockbrokers Limited (50%) London, England  
TD Bank N.V. Amsterdam, The Netherlands 249
TD Ireland Dublin, Ireland 1,265
  TD Global Finance Dublin, Ireland  
TD Luxembourg International Holdings Luxembourg, Luxembourg 5,344
  TD Ameritrade Holding Corporation (45.37%)4 Omaha, Nebraska  
TD Wealth Holdings (UK) Limited Leeds, England 91
  TD Direct Investing (Europe) Limited Leeds, England  
    TD Wealth Institutional Holdings (UK) Limited Leeds, England  
      TDWCS LLP Leeds, England  
Toronto Dominion Australia Limited Sydney, Australia 226
Toronto Dominion Investments B.V. London, England 973
  TD Bank Europe Limited London, England  
  Toronto Dominion Holdings (U.K.) Limited London, England  
    TD Securities Limited London, England  
Toronto Dominion (South East Asia) Limited Singapore, Singapore 768

1 Unless otherwise noted, The Toronto-Dominion Bank (the "Bank"), either directly or through its subsidiaries, owns 100% of the entity and/or 100% of any issued and outstanding voting securities and non-voting securities of the entities listed.
2 Each subsidiary is incorporated or organized in the country in which its head or principal office is located.
3 Effective November 25, 2012, the name changed to “TD Bank International S.A.”.
4 TD Ameritrade Holding Corporation is not a subsidiary of the Bank as the Bank does not control it. TD Luxembourg International Holdings and its ownership of TD Ameritrade Holding Corporation is included given the significance of the Bank’s investment in TD Ameritrade Holding Corporation.