Canadian bank TD Bank Financial Group (once known as Toronto Dominion) will restructure its TD Waterhouse discount stock broking business, after accepting that the business outside North American will not make a profit.
Edmund Clark, TD's chief executive, said overnight that TD was "unable to export out discount brokerage model internationally", with excess capacity in the global discount brokerage market.
The bank said TD's international business reported a further loss of C$14 million in the March 2003 quarter, and would now proceed with restructuring plans for TD...
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