TD Bank Is Upending Its Own Banking Business for the Long Term
One business story that gets pulled out with painful regularity is the buggy whip, which was a big business until automobiles destroyed the industry. It's a classic tale of disruption, which every industry is likely to face at some point if it stagnates. Banks, which are by design pretty staid and boring, are facing a technology challenge, as more and more customers shift online. Canada's Toronto-Dominion Bank (NYSE: TD) is upending its own business so it remains a finance leader for years to come. Here's what you need to know.
Toronto-Dominion Bank, which is more commonly called TD Bank in the U.S., hails from Canada. In that market it is the second-largest bank by deposits. This business provides a solid foundation for the bank because the Canadian market is highly regulated. Effectively, the Canadian government forces the country's largest banks to operate in a highly conservative manner and have limited merger and acquisition activity, leading the biggest names to have entrenched industry positions.
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Source Fool.com
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