TD branch network unlikely to shrink despite growing technology push, CEO says
01/04/2021 17:49
By Nichola Saminather
TORONTO, April 1 (Reuters) - Toronto-Dominion Bank TD.TO
is unlikely to close a large number of branches in Canada even
as it accelerates investments in technology, as demand for
in-person services has stayed strong during the coronavirus
pandemic, its chief executive said on Thursday.
"There was a view emerging generally that physical locations
aren’t going to be attractive because of the pandemic," Bharat
Masrani, CEO of Canada's second-biggest lender told Reuters.
"And we’re seeing to the contrary," he added. "Sometimes we
went to open more locations because there was so much demand
that we couldn’t handle the traffic with all the health
protocols."
TD had 1,087 branches across Canada as of Jan. 31, just one
fewer than a year earlier. It had 1,223 branches in the United
States, three more than a year ago, although the bank said in
February that it will close 82 branches that it deems redundant.
Even as it does so, it remains open to growing its U.S.
business through acquisitions, Masrani said.
While TD expects its office employees to combine remote work
with a few days in workplaces when they return to work, Masrani
said it is still early to gauge the impact it will have on its
office space needs.
(Reporting By Nichola Saminather; Editing by David Gregorio)
((Nichola.Saminather@thomsonreuters.com; +1-416-687-7604;))