(Bloomberg) – Toronto – Ruling Bank is recovering guidelines on growth – The goal is similar to that before the U.S. money laundering scandal, as it promises to cut billions of dollars in annual costs and boost revenue by pushing to attract more customers and sell other products.
Raymond Chun, who took over as CEO in February and has been leading strategic reviews for most of the year, said the bank has a strong culture, “but there are aspects that absolutely have to change.”
“On every level – it is not negotiable,” Chun said in a speech on Monday. Although Toronto-Dimi’s stock has historically surpassed its competitors, it lags behind many growth metrics and total shareholder returns. “This is unacceptable, this is changing.”
It said in its investors’ introduction that Toronto-Statistics’ medium-term target will reach an equity-adjusted return of about 16%, with adjusted earnings per share growth of 7% to 10% by fiscal 2029. These figures compare the adjusted ROE of approximately 13% in fiscal 2026 and approximately 6% to 8% in fiscal 2026 adjusted EPS growth.
The medium-term goal is similar to Toronto – the rulers reached guidance in the U.S. authorities after they failed before they settled in December with U.S. authorities. The bank paid more than $3 billion in fines and obtained asset caps on its U.S. retail banking business.
To achieve its goal, Toronto-Dimignon said it will significantly reset its cost base and plans to save between $2 billion and $2.5 billion. Some of this will come from existing restructuring plans announced by the bank earlier this year.
But it is also looking for savings in other areas of the company and expresses hope to cut $500 million in annual fees from advances in automation and artificial intelligence. The bank also predicts that it will increase revenue growth by $500 million due to AI.
As institutions begin to make tough figures on technology investments that are difficult to value so far, Toronto-Dimini’s AI goal is here. This is similar to the target set by Canadian rival Royal Bank on March Investor Day, when lenders expect to generate $700 million to $1 billion in corporate value from AI by 2027.
In terms of revenue, Toronto – the rulers focus on businesses that generate fees, especially wealth management.
“We store one in every third of Canadians in every three Canadians,” Juan said in an interview on Monday. He was frustrated because there was no more depth to see these relationships. “We are better than our peer average, but we are not the best in the classroom.”
He said improving the process could be helpful, and took technology as an example to provide credit products to new immigrants who open Chequing accounts in a conventional way. But the strategic commentary also highlights the need for more “foots on the ground”, he said.
Chun said Toronto – the Bureau of Statistics plans to add 1,200 additional wealth management consultants in Canada, up about 50% from earlier this year – in the U.S., there are 500 new retail financial consultants, where only 200 are. The bank also plans to employ about 900 employees between small businesses and commercial banks.
“You will see a huge investment in frontline advice capabilities across the entire range,” he said. “If you simplify the process, you can make it faster and you invest more experts to deal with our customers, which will lead to a huge organic growth that we move forward.”
Return to capital
Joe was elected as CEO of Bharat Masrani a year ago, and his appointment accelerated after money laundering settlements. He formally held the top position on February 1 and quickly began making changes, launching a restructuring plan that would allow the bank to cut 2% of its workforce and sell the company’s stake in Charles Schwab Corp.
TOROONTO – Diminion said on Monday it will return most of its capital to shareholders, announcing an additional buyback program between $6 billion and $7 billion. Toronto-Dimignon said it will refund approximately $15 billion from the excess capital generated by Schwab sales by the end of fiscal 2026.
“One of the biggest changes shareholders see under my leadership is the discipline we will have in terms of capital management,” Juen said in an interview. He said the bank’s first priority will be to invest in its business line, followed by acquisitions, as long as they accumulate, and new capabilities that allow Toronto-Dimi to gain a large scale, and finally, “return capital to our shareholders continuously.”
The bank also overhauled its corporate governance. Five board directors resigned at their annual meeting in April, Toronto-Dominion said in July that John MacIntyre, a partner and co-founder of Birch Hill Capital Partners Management Inc., a partner and co-founder of Toronto-Dominion, a partner and co-founder of Birch Hill Capital Partners Management Inc., a Toronto-Dominion, will take over as chairman of the board, said in July.
Toronto – Diminion’s revenue exceeded analyst estimates every quarter of the year, with its stock making a major comeback after being hit by a scandal of money laundering. As of Monday morning, its stock has risen about 43% so far, more than double the S&P Financial Index, up about 19%.
©2025 Bloomberg LP
Visited once today, visited once today
Bharat Masrani Big Banks Investor Day Raymond Chun TD TD Bank Toronto-Dominion Bank
Last modified: September 29, 2025
