Jul 21, 2020
Retail trading boom gives TD record contribution from Ameritrade
Bloomberg News
,Bruce Campbell discusses TD Bank
Toronto-Dominion Bank’s stake in TD Ameritrade Holding Corp. will help cushion the earnings blow from the coronavirus pandemic.
Toronto-Dominion expects its investment in the U.S. brokerage to add US$328 million to its fiscal third-quarter earnings when the Toronto-based bank reports results next month, according to a statement Tuesday. That’s a record quarterly contribution in the 14 years since Toronto-Dominion sold its U.S. brokerage and received part of the combined TD Ameritrade.
Earlier Tuesday, TD Ameritrade, which is being purchased by Charles Schwab Corp., reported third-quarter adjusted earnings that beat the highest analyst estimate thanks to a retail trading boom seen across electronic brokerages during the pandemic. Toronto-Dominion, which owns about 43 per cent of TD Ameritrade, reports the brokerage’s contribution in its U.S. retail division.