TD Bank 2003 Annual Report Download - page 9

Wholesale Banking
Wholesale Banking posted a solid performance only one
year after we announced a significant restructuring in
TD Securities. This year demonstrated that when properly
structured, TD Securities can provide important earnings
diversification, concurrent with reduced risk.
Much was asked of the leadership team in Wholesale
Banking this past year and they did an excellent job of
refocusing the business in a very short time. We carefully
reviewed all of our client relationships and are now focused
on strategic relationships that we believe offer long-term
benefit to the business.
Our core business is well positioned to continue its disci-
plined approach to business development focusing on full
service investment banking in Canada and niche products in
global markets.
We also made significant progress in exiting the non-core
relationships and have reduced the non-core portfolio to
$4.2 billion, down from $11.2 billion a year ago. We remain
comfortable with our provisions for credit loss and continue
to monitor the performance of the portfolio. We announced
the release of sectoral releases this year and will continue to
be diligent in communicating our plans for provisions as we
move forward.
Overall we have reason to be optimistic about the poten-
tial for Wholesale Banking in 2004. We refined our risk
management and business strategies to reflect changes in
our corporate strategy and in the marketplace. Building on
this year’s success, I believe we are well positioned to deliver
more stable and consistent earnings going forward.
Corporate Management
Today’s business environment is in a constant state of change.
Accounting, securities and regulatory standards are constant-
ly evolving and becoming more complex. TD Bank Financial
Group relies on our Corporate Management functions to
ensure we anticipate and incorporate changes to these stan-
dards to best serve our customers and shareholders. This
group did an exceptional job this year and I believe we are
truly among the leaders in corporate governance.
Corporate Management is also responsible for ensuring
our businesses are prepared to respond to any disruptions in
the normal course of business. Our customers depend on
us during these times and expect us to continue delivering
service regardless of natural disaster or technology failure.
This year our business continuation readiness plans were put
to the test by SARS, mad cow disease, forest fires in British
Columbia, the hurricane in Atlantic Canada and the power
outage in Ontario. I am pleased to report that our businesses
were up to the challenges.
Building on strength
As I look ahead, I am confident that our businesses are
properly positioned and armed with the right strategies for
sustainable future growth. We have approached each busi-
ness with a philosophy of ensuring that they can continue to
perform even during difficult conditions and excel when the
climate is favourable.
Our commitment to customer satisfaction, coupled with
our strong brands and underpinned with an unrelenting
emphasis on operational excellence will continue to guide us
next year and beyond. I believe we are uniquely advantaged
to capitalize on these strengths and become one of the best
run, integrated, and customer-focused financial institutions.
On behalf of management, I would like to thank the Board
of Directors for their continued guidance and leadership,
our unrivalled team of employees for their hard work and
commitment to excellence and our customers and shareholders
for their continued support.
W. Edmund Clark
President and Chief Executive Officer