TD Bank (TD) Scotiabank Financials Summit summary

AML resolution and remediation

• Progressing toward a global resolution of U.S. AML issues, with expectations to finalize by calendar year end.

• Provisions for fines and settlements total $3.05 billion to date.

• Significant investments in new leadership, hundreds of AML professionals, training, and technology upgrades.

• Accountability measures include terminations and compensation impacts; CEO takes ultimate responsibility.

• Emphasis on deepening accountability, urgency, and real-time information sharing across the organization.

U.S. business strategy and growth outlook

• U.S. franchise remains strong, with over 10 million customers and leading positions in small business banking.

• Loan growth of 5% and stable deposit flows reported in the last quarter.

• Store openings and wealth advisor expansion have slowed, reflecting a more cautious investment approach.

• U.S. wealth strategy focuses on deepening relationships with mass affluent customers and leveraging the Schwab stake.

• Schwab relationship is strategic, providing deposit flows and board representation.

Canadian business performance and outlook

• Canadian consumer and economy have shown resilience, supporting strong banking results.

• Mortgage and credit card businesses are performing well, with new channels and partnerships driving growth.

• Deposit franchise remains robust, with a focus on new Canadians as a growth engine.

• Management rejects claims of increased risk-taking in Canada due to U.S. challenges.

• Scale and brand strength help manage intense competition for deposits.