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- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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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.