TORONTO, July 4 /CNW/ - TD Securities has regrettably identified
incorrectly priced financial instruments in its London, UK office. The
Company's examination has determined that the expected one-time impact will be
approximately $96 million pre-tax. This situation is associated with the
activities of an individual who is no longer with the company.
"We are very disappointed that this has occurred," said Ed Clark,
President and CEO, TD Bank Financial Group. "Our company has a strong risk
culture and we deeply regret this incident. We take this very seriously and
will make every effort to ensure that this doesn't happen again."
The company has advised the appropriate regulatory authorities and is
cooperating with them fully.
About TD Securities
TD Securities is a trademark of The Toronto-Dominion Bank representing
TD Securities Inc., TD Securities (USA) LLC, TD Securities Limited and certain
corporate and investment banking activities of The Toronto-Dominion Bank.
TD Securities provides a wide range of capital market products and services to
corporate, government and institutional clients who choose us for our
knowledge, innovation and experience in the following key areas of finance:
Investment and Corporate Banking, Capital Markets, Interest Rate, Currency and
Derivative Products. TD Securities works with clients around the world and our
services include the underwriting and distribution of new debt and equity
issues, providing advice on strategic acquisitions and divestitures, and
executing daily trading and investment needs. To learn more about
TD Securities, visit www.tdsecurities.com.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the seventh largest bank
in North America by branches and serves approximately 17 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust; Wealth Management, including TD Waterhouse and an investment
in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth
and Commerce; and Wholesale Banking, including TD Securities. TD Bank
Financial Group also ranks among the world's leading on-line financial
services firms, with more than 5.5 million on-line customers. TD Bank
Financial Group had CDN$503.6 billion in assets as of April 30, 2008. The
Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under
the symbol "TD", as well as on the Tokyo Stock Exchange.
For further information:
For further information: For Media: Simone Philogène, Corporate
Communications, (416) 982-4285 or email@example.com; For Investors:
Kelly Milroy, Investor Relations, (416) 944-5422 or firstname.lastname@example.org