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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.