TD Bank 2003 Annual Report Download - page 21

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Management’s Discussion and Analysis 19
How Our Businesses Performed
19
Personal and Commercial Banking is a leader in Canada with
approximately 10 million personal, small business, insurance
and commercial customers. Under the TD Canada Trust
brand, the retail operations provide a full range of financial
products and services to our personal and small business
customers – anywhere, anytime – through the telephone, the
web, more than 2,600 automated banking machines, and
our network of 1,065 branches conveniently located across
the country offering the best banking hours in the business.
TD Commercial Banking provides lending, deposit, savings
and investment products to Canadian businesses, plus a full
range of day-to-day banking, cash management, trade and
treasury services.
Wholesale Banking serves a diverse base of corporate,
government and institutional clients in key financial markets
around the world. Under the TD Securities brand, Wholesale
Banking provides a full range of capital markets and
investment banking products and services that include:
•Advice on corporate strategy and mergers and acquisitions;
•Underwriting and distributing loan, debt and
equity products;
•Structuring tailored risk management solutions; and
•Executing financial transactions.
Wealth Management offers investors a wide array of
investment products and services. It is one of Canada’s
largest asset managers, advisors and distributors of
investment products; providing mutual funds, pooled funds,
segregated account management, full-service brokerage
services and self-directed investing to retail, mass affluent
and private client segments. In addition, investment
management services are provided to pension funds,
corporations, institutions, endowments, and foundations.
TD Waterhouse discount brokerage serves customers in
Canada, the United States and the United Kingdom. Wealth
Management has assets under management of $113 billion
and assets under administration of $267 billion. TD Mutual
Funds offers 62 retail mutual funds and 30 managed
portfolios for Canadian investors.
Results of each business segment reflect revenues,
expenses, assets and liabilities generated by the businesses
in that segment. The Bank measures and evaluates the
performance of each segment based on cash basis net
income, return on average invested capital and economic
profit. Cash basis results exclude non-cash charges related
to goodwill and intangible amortization from business
combinations. Segmented information also appears in
Note 21 of the Bank’s Consolidated Financial Statements.
The Bank’s operations and activities are organized
around the following operating business segments:
Personal and Commercial Banking, Wholesale
Banking and Wealth Management.