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Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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NEWSLETTERS & ALERTS
TD CEO Says Improper Sales Tactics Not a ‘Widespread Problem’
[Photo: Toronto Financial District, by George Socka / Wikimedia Commons]
Nearly 3 weeks ago, Toronto-Dominion Bank was rocked by allegations that its employees were involved in a ‘Wells Fargo-Like Scandal’. [See Financialish, 3/13/17]. TD employees reportedly informed the Canadian Broadcasting Corp. (CBC) that they felt incredible pressure” to meet “unrealistic” sales goals,which has led some to open unauthorized accounts bearing higher fees.
Since its initial story, CBC reports that it has received some 1,000 emails from employees of 5 of Canada’s big banks claiming they felt undue pressure to meet sales targets.
In the past 2 weeks, TD Bank has embarked on an internal investigation, with help from an outside firm. And, on Thursday, CEO Bharat Masrani reported to bank shareholders that, so far, he doesn’t believe the problem is widespread.
“While we have sales goals to help manage our business, people behaving unethically in order to achieve these goals would be inconsistent with who we are as an institution.”
“Still, the experiences expressed by some of our colleagues concern me.”
The Financial Consumer Agency of Canada said its plans to being in April its next review of the industry’s business practices.