RE:My Take On TDI would have to agree. The US doesn't like any entity capable of outcompeting them. Their so-called justice system is two-faced and highly selective in its targets. One only has to look at the convicted orange felon who's running for president.
DeanEdmonton wrote: The U.S. banks and their elected representatives, that are heavily lobbied by those Banks, are NOT happy about the rapid expansion of Canadian Banks in the States. ANY chance they get to go after Canadian Banks, they will take it and pursue it wtih zeal. They will levy high fines and place restrictions, and they will talk in the most perjorative terms about the behaviour of the Canadian Banks. Right now, they have TD in their sights, you can bet RBC, BNS and BMO are going to get a turn in the barrel too.
Canada is a sturated market in many ways, for the Banks to grow they need to tap other markets with large populations. TD has 10 million customers in the States, pretty much equal to their whole Canadain client base. The Banks don't have many otpions but to put up with the U.S. regulatory nonsense, despite the fact the U.S. banking system really is a Wild West show, just look at 2008 and then 2019.
The asset cap on TD will limit their ability to grow their retail footprint, it does not stop them from growing loans, fee based services, wealth management etc. Give that the retail business is not all that profitable in the States, this may turn out to be a good thing for TD, and get them to focus on business with better margins.