On Thursday April 16, 2026, TD Bank Group President and CEO Raymond Chun delivered his address to the Annual General Meeting. What follows is a transcript of those remarks.
Key Takeaways
- TD is back to winning thanks to its focused strategy around three pillars—Deeper Relationships, Simpler and Faster, and Disciplined Execution. Chun shared key wins in Canada and the U.S. that exemplify the Bank's growth in Canada and the United States
- Earlier this year, TD unveiled its new brand positioning: More Human. In uncertain and challenging times, a more human ethos is crucial to meet clients where they're at and to exceed their expectations
- TD will be a leader in AI and innovation, harnessing these technologies to unlock potential for clients, colleagues and communities
Thank you, John. Good morning everyone.
Bonjour à tous, Bienvenue.
Welcome to TD’s Annual Meeting. I’m so pleased to report that TD has had a tremendous year.
I'm extremely proud of the progress we've made for our Bank, our clients and for you—our shareholders.
In just one year, we developed a focused strategy, and we are executing it with discipline, building strong momentum in every business.
We also unified TD around a clear and inspiring new purpose: to reimagine what banking can be.
Our purpose reflects our determination to move faster, and lead our business, clients, communities and industry in a rapidly changing world.
Our colleagues have embraced our new strategy and purpose, and are moving ahead with renewed confidence in the future. You can feel their energy and excitement right across TD.
We're back to winning.
How TD is back to winning in Canada and the U.S.
You can see this progress reflected in our performance.
We've extended our position as Canada's premier banking franchise.
We have the #1 most valuable brand, for the fourth consecutive year.
We're #1 in growth, across total personal deposits, Canadian real estate secured lending and Canadian credit card volume. We operate the country's #1 direct insurance business, #1 institutional asset manager, and fastest growing ETF business.
A powerful Canadian franchise…
In the U.S., we have a tremendous business and continue to gain in strength and performance.
We have the 8th largest bank in America, with over 10 million clients in one of the largest and most competitive banking markets in the world.
We're building our future in the U.S. from a position of strength.
In 2025, we restructured our balance sheet, created capacity to grow with our clients, and invested in new, leading applications.
Our U.S. bank is a key part of our growth strategy, and a key part of TD's future.
With TD Cowen now fully integrated, we've added powerful new capabilities to TD Securities.
This integration is driving strong results.
TD Securities delivered record revenues and earnings in 2025, secured larger mandates from clients, and accelerated our strategy to build a top 10 North American dealer with global reach.
You can see this performance reflected in our 2025 financial results.
- Revenues grew 9% to $61.8 billion
- Earnings grew 5% to over $15 billion
- Earnings per share increased 7% to $8.37
- And our CET 1 ratio ended the year at 14.7%, among the strongest capital positions in banking
We extended this performance into 2026, with record first quarter earnings of more than $4.2 billion, up 16%, and record EPS of $2.44, up 21%.
We also returned capital directly to you, our shareholders.
We completed an $8 billion share buyback and have started a second buyback of $7 billion, to return a total of $15 billion.
At the start of the year, we also increased dividends.
Going forward, we'll review the dividend level twice a year, rather than once.
As earnings grow, so will your returns.
In just one year, we placed TD on a different trajectory, opening a new era of growth and performance.
Fostering Deeper Relationships
At our core, and throughout our history, TD has always been about the people we serve.
Families, hardworking Canadians and Americans, business owners, and business leaders.
The people who form the backbone of our economies.
That's why Deeper Relationships is the first pillar of the strategy we outlined at Investor Day in September.
Deeper Relationships is about earning our clients’ trust and the right to serve more of their needs.
To achieve this, we're making the largest investment in client-facing talent and capabilities in decades: Deploying mortgage and investment specialists, wealth advisors, business bankers, and other experts right across the communities where we live and work.
These colleagues are:
- Helping families to purchase their first home, and homeowners invest for the future
- Supporting graduates with their student loans, their first credit card and their first investment account
- Assisting newcomers as they plant roots in Canada, gain credit, invest, and start a new life
- And advising entrepreneurs and businesses as they invest for the future
Our focus on deepening relationships led to: A record $31 billion in closed referrals between personal banking and wealth, record credit card growth in Canada and in the U.S. And entirely new mandates for TD Securities across Canada, the U.S., and globally.
A More Human Bank
Deepening relationships has never been more important to our clients.
We are operating at a time of significant uncertainty.
Like many of you, our clients are working hard to build their financial future as geopolitical events, economic volatility, and new technologies create new challenges.
TD will continue to distinguish ourselves with the human experiences that have always defined our Bank.
Our new brand positioning – More Human, or in French: Plus humain – reinforces our commitment to build on this legacy.
We’re bringing a More Human element to banking, from the innovation we deploy to the experiences we design.
Take TD Direct Investing, Canada's #1 digital investing platform.
We're the only Canadian bank to offer fractional share ownership.
With as little as one dollar, clients can now invest in some of the biggest companies in the world, bringing down barriers and creating new opportunities for Canadians.
Our platform is designed to support clients through every stage of their lives; from that one-dollar investment on TD Easy Trade, to more sophisticated investing on TD Active Trader, and every step along the way.
That's More Human.
We also have programs designed to help clients overcome financial obstacles and solve problems.
Such as TD Early Pay, which allows U.S. clients to access their paycheck two days early.
These two days can have a profound impact, reducing the stress of making bill payments on time, and getting food on the table.
That’s More Human.
More Human will always be at the centre of the advice we provide, the experiences we offer, and the seamless way we integrate digital into the client experience.
So, we’re moving with speed to bring more human approaches and exceed our clients' expectations.
Becoming Simpler and Faster
Speed matters in a fast-paced world.
Speed will be a competitive advantage for TD.
That's why running a Simpler and Faster bank is the second pillar of our strategy.
Our goal is to elevate the client experience and free up colleagues' time.
We're approaching this in two ways:
First, structure.
We're breaking down silos, reducing layers, and clarifying accountability.
This is already helping our colleagues make better decisions faster.
Second, technology.
We're deploying AI and technology at scale.
Throughout TD:
- We're responsibly harnessing AI to accelerate execution across the client journey – from onboarding to advice
- We're deploying AI assistants in the phone channel and in our branches to shorten response times
- We're accelerating the mortgage approval process, getting document review times down from hours to minutes
- We're getting auto-loan decisions to clients in seconds, right in the dealerships.
- And, we're building more comprehensive investment plans faster for wealth clients
As you can see, AI will open enormous opportunities for those who embrace its potential.
Leading in AI and innovation
TD will be a leader in AI.
We're not new to this journey.
We acquired Layer 6 in 2018 and have been building our AI talent, expertise, and leadership for close to a decade. This experience positions us well to both capture opportunity and mitigate risk.
AI offers powerful advantages, but its progress and oversight must be thoughtful and human-led.
Delivering with Disciplined Execution
As we reimagine our Bank and the client experience, Disciplined Execution, our third strategic pillar, is central to how we deliver.
To keep winning, we'll continue to grow investments in innovation, new capabilities, AI, and the client experience.
To fund these critical investments and improve financial performance, we're fundamentally restructuring our cost base.
This will provide TD with long-term strategic advantage.
We're redesigning and automating processes, pulling down procurement costs, modernizing infrastructure, and relentlessly prioritizing for maximum efficiency.
We've made strong progress in a short time, delivering positive operating leverage for the past three consecutive quarters.
Restructuring our cost base, along with an intentional deployment of capital to elevate ROE, is both driving our performance and funding our future.
As we scale our business, we continue investing to strengthen our governance and control foundations.
Critical to this effort, we're driving consistent progress on our U.S. AML remediation – our number one priority.
With ongoing investments in talent, technology, processes, and training, we're building an AML program to protect the Bank, our clients, and the financial system we serve.
As client expectations grow, TD will continue to lead with clarity and conviction, driving deeper relationships, running our bank simpler and faster, and operating with disciplined execution.
Our strategy is designed to be resilient through change and shifting dynamics - dynamics that impact our clients, our economies, and this country.
Unlocking Canada's economic potential
This is an important moment for Canada.
There is uncertainty ahead, but one thing is absolutely clear: tomorrow will not look like today.
We have tremendous advantages, and Canadians have good reason to believe in our country:
- A highly skilled workforce
- Exceptional universities and colleges.
- Extraordinary natural resources
- And a stable financial system supported by the strongest banks in the world
These are terrific strengths. And I'm encouraged by the steps being taken by the Canadian and provincial governments.
Further strengthening our future will take continued action from governments and business leaders:
- To bring down internal barriers and expand international trade routes
- To develop and commercialize groundbreaking innovation
- To design appropriate regulatory and tax frameworks
- And, attract investments to build the projects and infrastructure to unlock Canada's full economic potential
That's the Canada I believe we can build together.
TD will continue:
- To invest in our business
- Finance projects and programs essential to our future
- And, to contribute across our communities
Our strategy supports this future and is powered by our colleagues.
Building a winning culture
Ultimately, TD's long-term success depends on our people and our culture.
In fact, I believe building a winning culture is one of the most important responsibilities of a CEO.
Across TD, we're fostering curiosity, courage, and accountability to strengthen our culture and drive our strategy.
- Curiosity, to keep learning, and to see around corners
- Courage, to challenge the status quo, to lead through change, and to be bold
- Accountability, to deliver, consistently and with integrity.
This is the culture we're building.
This is the culture powering our future.
And our colleagues bring it to life every day.
I want to thank our colleagues for all you do for TD.
I’m so proud of your tremendous efforts and your continued commitment to TD and our clients.
Merci. Je suis très fier.
I also want to thank our clients for your trust.
We'll continue to work hard, every day, to help you succeed and achieve your goals.
Finally, I want to thank our shareholders here in the room and around the world, thank you for your continued support as we reimagine what banking can be.
Thank you.
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