Toronto Dominion Bank (TD Bank) enjoys a leading position in retail banking in Canada, roughly on par with that of Royal Bank. Helping it to achieve this status was the acquisition of Canada Trust and thus, the bank's domestic operations continue to provide a substantial base of stable earnings. Offsetting the benefits of this strategic move are the costs of large corporate loan losses in the U.S. and in Canada, in particular to the beleaguered cable and telecommunications industry. In addition, the investment banking operations should continue to suffer from significantly lower revenues in the near term. The discount brokerage operations also represent a drag on earnings due to declining trading volumes and margin interest. The deterioration in large corporate
