TD Bank 2007 Annual Report Download - page 28

TD BANK FINANCIAL GROUP ANNUAL REPORT 2007 Management’s Discussion and Analysis24
BUSINESS SEGMENT ANALYSIS
Business Focus
For management reporting purposes, the Bank’s
operations and activities are organized around the
following operating business segments: Canadian
Personal and Commercial Banking, Wealth
Management, U.S. Personal and Commercial
Banking and Wholesale Banking.
Canadian Personal and Commercial Banking comprises the
Bank’s personal and business banking businesses in Canada, as
well as the automotive purchasing and consumer installments
loan services and the Bank’s global insurance operations
(excluding the U.S.). Operating in Canada under the TD Canada
Trust brand, the retail operations provide a full range of finan-
cial products and services to approximately 11 million personal
and small business customers. As a leading customer services
provider, TD Canada Trust offers anywhere, anytime banking
solutions through telephone and internet banking, more than
2,500 automated banking machines and a network of 1,070
branches located across Canada. TD Commercial Banking serves
the needs of medium-sized Canadian businesses, customizing a
broad range of products and services to meet their financing,
investment, cash management, international trade and day-to-
day banking needs. Under the TD Insurance and TD Meloche
Monnex brands, the Bank offers in Canada a broad range of
insurance products, including home and automobile coverage,
life and health insurance, as well as credit protection coverage
on TD Canada Trust lending products.
Wealth Management provides a wide array of investment
products and services through different brands to a large
and diverse retail and institutional global client base. Wealth
Management is one of the largest in Canada, based on
market share of assets, and comprises a number of advisory,
distribution and asset management businesses, including
TD Waterhouse, TD Mutual Funds and TD Asset Management
Inc. (TDAM). Through Wealth Management’s discount brokerage
channels, it serves customers in Canada, the U.S. and the
United Kingdom. Wealth Management’s U.S. clients are served
through TD Ameritrade, which provides a full spectrum of ser-
vices, including a leading active trader program and long-term
investor solutions. In Canada, discount brokerage, financial
planning and private client services cater to the needs of
different retail customer segments through all stages of their
investing life cycle. Discount Brokerage has industry leadership
in both price and service. At the end of the year, Wealth
Management had assets under administration of $185 billion
and assets under management of $160 billion.
U.S. Personal and Commercial Banking comprises the
Bank’s personal and commercial banking operations in the
U.S. Operating under the TD Banknorth name, this business
provides financial services to more than 1.5 million households
in the Northeastern and mid-Atlantic regions of the U.S.
Headquartered in Portland, Maine, the business comprises com-
mercial banking, insurance agency, wealth management, mort-
gage banking and other financial services. TD Banknorth
distributes products and services through a network of
617 branches and 761 automated banking machines. The
Bank’s U.S. Personal and Commercial banking operations are
anticipated to expand upon completion of the proposed acqui-
sition of Commerce in 2008. This acquisition is expected to add
approximately US$49 billion of tangible assets and US$46 bil-
lion of deposits in the mid-Atlantic region area and Florida.
Wholesale Banking serves a diverse base of corporate, gov-
ernment and institutional clients in key financial markets
around the world. Under the TD Securities brand, Wholesale
Banking provides a wide range of capital markets and invest-
ment banking products and services that include: underwriting
and distribution of new debt and equity issues, providing advice
on strategic acquisitions and divestitures, and executing daily
trading and investment needs.
The Bank’s other business activities are not considered report-
able segments and are, therefore, grouped in the Corporate
segment. The Corporate segment includes effects of asset secu-
ritization programs, treasury management, general provisions
for credit losses, elimination of taxable equivalent adjustments,
corporate level tax benefits, and residual unallocated revenue
and expenses.