Sohrab Movahedi's questions to Toronto-Dominion Bank (TD) leadership • Q2 2024
Question
Sohrab Movahedi from BMO Capital Markets asked if increased savings from the larger restructuring program would boost the bottom line and questioned if U.S. segment expenses were understated due to costs being booked in the Corporate segment.
Answer
CFO Kelvin Tran clarified that additional savings are a run-rate benefit for 2025, for which guidance is not yet provided. Leo Salom, President and CEO of TD Bank, AMCB, acknowledged that while transformational AML costs are in Corporate, the ongoing run-rate expenses will be held at the segment level and are factored into their forecasts for positive operating leverage.