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TORONTO-DOMINION BANK: THE RESTRUCTURING

CEO Strategic Memo

June 2030 | CEO Edition

TD needs to address structural challenges:

  1. Canadian Housing Exposure: Reduce mortgage portfolio concentration. Shift focus to higher-margin business (wealth management, investment banking).

  2. Ameritrade Integration: Complete integration by 2032 or consider divesting. Current integration is destroying value.

  3. Cost Reduction: Target $500M annual cost savings through technology and consolidation.

  4. US Expansion: Refocus on select markets (California, New York, Texas) rather than broad US expansion.

Financial target: Stabilize ROE at 10-11% through margin management and cost efficiency.

Timeline: 24 months to demonstrate progress.