TD Bank Financial Group 147th Annual Report 2002 Close Window Button
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Management's discussion and analysis of operating performance

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‚Äôs 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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