the canadian bank . for the american subsidiary see td bank n.a. toronto dominion bank trading name td bank group type public traded as nyse td tsx td s & p tsx 60 component industry financial services predecessors bank of toronto dominion bank founded 1955 ; 61 years ago 1955 headquarters toronto dominion centre toronto ontario canada key people bharat masrani ceo revenue 29.9 billion cad f2014 1 net income 7.7 billion cad f2014 1 total assets 944.7 billion cad f2014 1 number of employees 85 000 fte f2014 2 divisions td canada trust subsidiaries td securities td waterhouse td bank n.a. td asset management website td.com the toronto dominion bank french banque toronto dominion is a canadian multinational banking and financial services corporation headquartered in toronto . commonly known as td and operating as td bank group french groupe banque td the bank was created in 1955 through the merger of the bank of toronto and the dominion bank which were founded in 1855 and 1869 respectively . td bank group is the second largest bank in canada by market capitalization and a top 10 bank in north america . globally it ranks as the 19th largest bank in the world according to forbes . the bank and its subsidiaries have over 85 000 employees and over 22 million clients worldwide . 3 in canada the bank operates as td canada trust and serves more than 11 million customers at over 1 150 branches . in the united states the company operates as td bank the initials are used officially for all u.s. operations . the u.s. subsidiary was created through the merger of td banknorth and commerce bank and serves more than 6.5 million customers with a network of more than 1 300 branches in the eastern united states . 4 the company is ranked at number 66 on the forbes global 2000 2015 listing . 5 in october 2008 the company was named in the listings of canada s top 100 employers in maclean s and greater toronto s top employers by the toronto star . 6 furthermore in february 2011 it was named one of canada s top 10 employers by the financial post . citation needed contents 1 operations 1.1 partners in outsourcing 1.1.1 g4s cash solutions 1.1.2 igate 1.1.3 symcor 2 history 3 mergers and acquisitions 4 corporate governance 5 membership 6 sponsorships 7 credit agency ratings 8 controversies 9 branch locations 10 references 10.1 bibliography 11 external links operations edit the bank s headquarters is at the toronto dominion centre at king street and bay street in toronto . the black skyscrapers were designed by the firm of ludwig mies van der rohe and were the first of their kind in the city . opened in 1967 the td centre was the inspiration of al lambert 1911 2002 the former president and chairman of the board of the bank . td bank group subsidiaries include td asset management institutional investment management td auto finance new and used vehicle financing td bank n.a. us personal and commercial banking merged entity of commerce bancorp td banknorth and td bank usa td canada trust canadian personal and commercial banking td commercial banking global commercial banking td insurance meloche monnex insurance products and services including a division that specializes in alumni professional group rates td merchant services a wholly owned subsidiary providing credit card processing services for merchants such as retailers td securities investment banking and capital markets td wealth wealth management mbna canada co branded and affinity credit card services symcor transaction processing joint venture with royal bank of canada and bank of montreal 7 wealth management offers investors an array of investment products and services . wealth management comprises a number of advisory distribution and asset management businesses including td mutual funds . td securities is the investment banking arm of td bank financial group . it is an underwriter of debt and equity securities and strategic advisor to corporations governments and institutions worldwide . a key business segment is the trading of fixed income and equity products currencies commodities and derivatives in major financial markets around the world . it has offices in 18 cities worldwide with over 3 000 employees . td securities is a leading investment dealer in north america has a strong presence in europe and is active in asia . partners in outsourcing edit g4s cash solutions edit in 1992 g4s cash solutions a subsidiary of british security services company g4s plc began a pilot project with toronto dominion bank in metro toronto that developed into a nationwide partnership in 1997 . g4s cash solutions secured the contract to transport cash and provide first line maintenance for the bank s automated teller machines atms both cash dispensing and deposit pick up units . by 2010 g4s cash solutions operated 2 577 atms 1 093 branch night deposits 95 weekly balanced cash dispensers as well as eight cash dispensers for branch tellers and 100 across the pavement services and hosted a discussion on the introduction of polymer banknotes in 2011 with leading canadian financial institutions . 8 igate edit multinational firm igate corp provides support services for td bank as well as pratt and whitney canada among other international clients . 9 10 symcor edit toronto dominion bank formed a partnership with bank of montreal bmo and royal bank of canada rbc in 1996 to create symcor a private entity that offers transaction services such as item processing statement processing and cash management services to major banks and retail and telecommunications companies in canada . as of 2011 symcor produces close to 675 million statements and more than two billion pages of customer statements and processes three billion cheques annually . 7 11 affiliated computer services a subsidiary of xerox acquired symcor s u.s. operations in october 2014 . 12 history edit the toronto dominion centre td canada trust tower in downtown toronto that houses the corporate offices of tdbfg td tower in vancouver td in markham ontario the origins of the toronto dominion bank lie in the efforts of a group of businessmen in the province of canada west as ontario was called between 1840 and 1867 involved in the buying milling and marketing of grain . they were determined to create a financial institution to meet their specific needs in banking insurance and commodities exchange . the group submitted its first petition for the incorporation of the millers merchants and farmers bank of canada west in 1854 to the legislature of the province of canada which rejected the request . however on march 18 1855 their application for a charter for the bank of toronto with an authorized capital of 500 000 was granted . in july 1856 the bank of toronto opened its offices at 78 church street toronto with a staff of three and immediately began development of a provincial network of branches . in 1860 it opened its first branch outside of ontario in montreal . the bank of toronto established itself as an efficient profitable but essentially conservative bank through the 19th century . it maintained a very high reserve against its capital and enjoyed the highest share price of any bank in canada . growth was very slow and deliberate with a few new branches opened in emerging regional centres . core customers remained farmers merchants and processors of farm products millers brewers distillers . in 1871 a group of entrepreneurs and professionals under the leadership of james austin launched the dominion bank to join the bank of toronto in the ontario market . they were dedicated to creating a new institution conducive to the general prosperity of that section of the country . like the bank of toronto the dominion bank was a cautious institution selecting its customers carefully serving them well and duly prospering with them in the words of the official history . it also created a network of branches and in 1872 became the first canadian bank to have two branches in one city toronto . with the maturing of the canadian economy and the opening of northern ontario and the west in the 1880s and 1890s the banks became more aggressive in loans to resource industries utilities and manufacturing . in 1897 the dominion bank opened its first western branch in winnipeg and two years later the bank of toronto opened a branch in the british columbia mining town of rossland . in the first decade of the twentieth century the banks rapidly expanded their branch networks in central canada and across the west . to mark their rise as significant national institutions the dominion bank moved into a large new head office building at the corner of king and yonge streets in toronto in 1879 and the toronto bank followed with another landmark head office at king and bay street in 1913 . 13 14 world war i brought new challenges for the two banks when they were called upon to finance war expenditures and to support the innovation of war bonds marketed to the general public . half the staff of the two banks served in the armed forces . except for some contraction in the western provinces due to drought the decade following the war was one of expansion and increasing profitability due to resource development and industrial expansion . both banks weathered the storm of depression in the 1930s without great difficulty despite a decline in earnings . like all canadian banks they endured criticism of their credit policies and resisted the creation of a central bank to control the money supply and advise on fiscal policy . ultimately the bank of canada was established in 1934 and by 1949 private banks were ordered to remove their currency from circulation . 15 the coming of world war ii involved the banks once again in the marketing of war bonds and in participation in the control of foreign exchange rationing and other financial war measures . approximately 500 staff or almost half the total entered the armed forces . the bank of toronto and dominion bank emerged from the war in 1945 stronger than ever with assets more than doubled since 1939 . with the post war boom they became more active in business lending and in the penetration of new markets . however they quickly realized that the costs of expansion and competition with much larger rivals made their objectives difficult to realize . neither bank had engaged in acquisitions or mergers in order to grow but both determined that a union with a bank of equal size would place them in a much stronger position to take advantage of the opportunities of the post war economy . in 1954 negotiations began between the bank of toronto and the dominion bank and by the end of the year an amalgamation agreement was reached . in their brief to the minister of finance the banks stated it is more burdensome for a small bank to keep pace with the development of our country than for a large bank with the result that the effective growth and comparative influence of smaller banks will probably in the future decline in comparison with that of the larger banks . canada s minister of finance announced november 1 1954 that he would accept the amalgamation and shareholders were asked for their approval . this was forthcoming in december and on february 1 1955 the bank of toronto and the dominion bank became the toronto dominion bank . the first years of the new bank were dedicated to the demands of amalgamating the two predecessors institutions of roughly equal size but with different strengths and unique corporate cultures . the new institution combined head office functions consolidated branches and established a new regional organization . an aggressive program of branch modernization and expansion extended td s presence in its traditional markets and took it into new territory in the maritime provinces