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- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
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- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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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.