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A person walks past a sign for TD Canada Trust in Toronto, Ontario.

REUTERS/Carlos Osorio

TD needs a new plan

As ConocoPhillips invested in Canada, Toronto Dominion, one of Canada’s biggest banks, struggled to outline a new expansion strategy after its planned acquisition of Tennessee-based First Horizon fell through amid reports of regulatory difficulties. Instead of expanding all at once by buying First Horizon, TD plans to open more branches in the United States, 150 by 2027.

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Toronto Dominion bank logo is seen outside of a branch in Ottawa, Ontario, Canada.

REUTERS/Chris Wattie

Failed merger amid banking crisis

Toronto Dominion Bank and Tennessee-based First Horizon Corporation had been set on a $13.4 billion merger for over a year. But last week, the two banks called things off, citing TD’s “regulatory hurdles” and offering few details. Early this week, it was reported that TD’s anti-money laundering efforts might have soured the U.S. Office of the Comptroller of the Currency and the Federal Reserve on the deal.

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