Tim Hockey News
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Bharat Masrani, who helped oversee Toronto-Dominion Bank’s $25 billion U.S. expansion, is likely to add to that business when he takes over next year as chief executive officer of Canada’s second-biggest bank.
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Toronto-Dominion Bank Chief Executive Officer Edmund Clark, who led Canada’s second-biggest lender in a $25 billion U.S. expansion, will retire in November 2014 after a dozen years in the post.
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Toronto-Dominion Bank plans to focus on business lending, credit cards and Quebec to counter a slowdown in profit for Canadian consumer banking, the lender’s largest business unit.
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Toronto-Dominion Bank, Canada’s second-largest bank, may expand its credit-card business in the U.S., said Tim Hockey, the lender’s group head of Canadian banking.
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Canadian Finance Minister Jim Flaherty said he will tighten mortgage terms as the Group of Seven country with the soundest government finances tries to avert a household debt crisis.
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Canadian Finance Minister Jim Flaherty said he will tighten mortgage terms as the Group of Seven country with the soundest government finances tries to avert a household debt crisis.
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Toronto-Dominion Bank’s agreement to buy Bank of America Corp.’s credit-card business in Canada caps a $20 billion buying spree for Canadian lenders taking advantage of their relative strength to pick up assets from U.S. firms.
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Canada unexpectedly lost jobs for the first time in five months in August, led by goods-producing industries such as construction and natural resources.
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Toronto-Dominion Bank Chief Executive Officer Edmund Clark’s 2011 compensation amounted to C$11.4 million ($11.4 million), about the same as a year earlier.
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