Davide Ventulieri
1547570
Fundamentals of Business
Toronto-Dominion Bank Toronto-Dominion Bank, more commonly known as TD or TD Bank, was created in the year 1955. The bank is a result of the merger between the Bank of Toronto and the Dominion Bank—both of which were founded in the 19th century (TD, 2016). TD Bank has since become the largest Canadian bank with regards to total assets and is one of the top banks in the world (Mehmood, 2017). This research paper will take a look at the various services provided by this financial institution as well as a look at the financials of the company. TD is a corporation, which, unlike a sole proprietorship or partnership, has limited liability. A corporation, according to the Canada Business Corporations
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With service operations, the banks activities yield intangible and tangible service products. In the case of TD, these services range from low-level saving to large-scale investing. The firm does not actually produce goods, which prevents them from being a goods production company (Ebert, Griffin, & Starke, 2016). Of the four traditional financial pillars, TD is considered a commercial financial institution. A commercial bank is a chartered Schedule I bank which means that it is domestic, privately owned, and sets its outlook and making profits, much like any other business. TD offers many services such as pensions, transfers, deposits, withdrawals, and investment services such as brokering and providing financial advice (Ebert, Griffin, & Starke, 2016, pp. 348-351). Financial institutions such as TD are not permitted to mint their own currency. In order to expand their money supply, they use deposits invested by savers to re-invest into loans, which they then charge interest on. A portion of the interest is then returned to the initial saver and a portion is kept as profit (Ebert, Griffin, & Starke, 2016, p. 350). For example, a person, business, or corporation seeking a loan or venture capital for their enterprise can look to TD. They then use the money from customers’ savings accounts to invest in loans and make a profit on the interest. On this interest alone, TD managed to gain a net interest income of over $19.9B (Thomson-Reuters,
TD has established a formal process for taking care of complaints and has solicited effective feedback measure by phone and online. These procedures were all accomplished by the newly founded Ombudsman office which is an independent body internally in charge with specifically reviewing customer complaints. The goal for this office is to alleviate the communication process between customers and other facets of the TD Bank Group in Canada such as TD Finance and TD Wealth (Office of the Ombudsman, n.d.). Customer service from TD is one of the multitude of competitive advantages that it has and it is because of the effectiveness of these recent implemented measures that look fairly
St. Lawrence Market is one of the two major markets in Toronto, it is considered as one of the greatest markets in the world. It's has been around for more than 200 years. St. Lawrence is 31 years older than Toronto. Within St. Lawrence Market, there are three main buildings, North Market, South Market and the St. Lawrence Hall. Every Saturday, Local farmers bring their fresh food to the St. Lawrence Market North and sell it there from 5 a.m to 5 p.m. Also, you can rent the St.Lawrence Hall for events like a wedding, corporate events and available for parties. The St. Lawrence Market South sells many varieties of food and special non-food items. Not only do they sell food and non-food items, at the second floor, there is also a Market Gallery, and it shows the change and development of Toronto through arts, maps and photos.
These accolades represent the Royal Bank of Canada’s leadership in granting customers and clients the finniest banking service and customer experience, which translates into one of the Royal Bank of Canada’s greatest strengths in the industry. This success is further evident through their second quarterly report of the 2015 year, in which the Royal Bank of Canada earned a net income 2.4 billion dollars (“About RBC”, n.d) compared to BMO, another member of Canada’s “big five”, that only earned 1 billion dollars of net income during the same year and quarter (“BMO Financial”, n.d). Furthermore, being one of Canada’s most well-known banks is another strength the Royal Bank of Canada can boast about; due to its popularity and relevance it is more often than not that clients will affiliate themselves with a trusted and relevant brand such as the Royal Bank of
Wells Fargo, is an American International banking and financial services holding company. It provides banking, mortgage, investing, credit card, insurance, and consumer and commercial financial services. In July 2015, Wells Fargo became the world’s largest bank with 8,700 branches and 13,000 ATMs. In addition, it was the second largest bank in deposits, home mortgage services, and debit cards. Wells Fargo’s main office is located in Sioux Falls, ND., and was recognized as one of the, “Big Four Banks”, which included JPMorgan Chase, Bank of America, and Citigroup.
Comparison of the TD Bank and CIBC. TD and CIBC are both banks that originate in Canada and are both private financial institutions that both are required to have an account in the Canadian central bank, the Bank of Canada, they both provide financial services to their customers, like giving loans, allowing customers to open demand and savings accounts, and allow customers to manage their wealth. But they have differences, size of assets, customer base, asset allocation and international exposure. According to (TD, 2024) TD provides financial services to over 27.5 million customers worldwide, compared to CIBC who according to (CIBC, 2024) has 14 million customers worldwide. According to (TD, 2023) as of 2023 TD Bank has $1,928 billion CAD in
Wells Fargo leading aspects has shown they are strong and manageable. One of the factors of management that has caught my attention is how transparent they are. According to John Stumpf, CEO of Wells Fargo, if an employee wants to say it, just say it! Stumpf said that managers have learned to disagree without being disagreeable. The fact that they care for their customers so much, they tend to likewise care for their employees.
A Report on NatWest Bank and an Analysis of the Banking Industry 1. Introduction This report focuses on NatWest and the industry in which it operates. The purpose of the report is to give a concise but accurate view of how NatWest operates as an organisation and the links between its environment, in this case the banking industry. Company History =
Barclay’s group practices integrated global banking that which serves their clients and customers and also optimizing risk adjusted for their shareholder returns. In this case, it moves, protects and invests money for over 38 million customers and clients globally. This group is the third largest in the world in assets and in terms of financial provider provision all over the world with a core tier one ratio of 11 per cent (Barclays PLC SWOT Analysis, 2013). In the UK, it is the third largest on the market capitalization, with its headquarters at Churchill in London, England.
The early decades of the nineteenth century saw the establishment of banks in the Caribbean largely as a convenience for the local governments. Throughout much of the nineteenth century, most Caribbean banks operated as an oligopoly with limited government influence – this directly translated into higher profits. However, over time, the banking environment could best be described as complex and dynamic. Competition increased, resulting into greater need for improved customer service, product innovation and cost reduction strategies. In order to achieve this, the banking sector was undergoing major structural reforms characterized by mergers and acquisitions. On July 23, 2001 Barclays and CIBC announced that they were in advanced discussions which were intended to lead to the combination of their retail, corporate and offshore banking operations in the Caribbean.
HSBC is a public limited company comprises of various industries but the major services would be in
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
While the bank's strategic actions were intended to enhance current profitability - in 2016, Scotiabank reported domestic net interest margin lower than the six largest Canadian banks' average. (scotiabank, n.d.).However, the future is changing. The increased in the interest rate has created an opportunity to overcome the margin pressure for all the Canadian banks. BIBLIOGRAPHY Bonham, M. S. (2010, 03 05). The Canadian Encyclopedia.
The location of the bank in St James’s square is both a blessing and a
This is followed in section 5 by an analysis of the recent changes in the banking industry. With the development of the financial system, declining entry barriers and the deregulation of the banking industry make banks no longer the monopoly suppliers of banking services and reduce their comparative advantages which they usually hold in the past. Whether the reasons give rise to the existence of banks are still powerful will be examined here, while section 6 offers a way of considering whether banks are declining by looking at the value added by the banks. When the value added by banks is examined, banks are not a financial intermediation, which not only conduct the traditional services but also provide more diversified
One of the reasons why banks adopted this new system, was the ‘boom’ in online shopping and the need for an online payment platform. For the bank themselves, online banking reduces customer service staffing levels, as well as improving speed and flexibility of business transactions. (Shih and Fang, 2004)