Toronto-Dominion Bank Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : I'll rapid fire these. The U.S. business, I saw that you used a few more Federal Home Loan Bank deposits. Just wondering why you tap that funding source higher cost, given that your balance sheet in the U.S. is so liquid to begin with. Then the wealth business in Canada, primarily, I saw transaction revenues down 35% year-over-year. I'm wondering how much of that is caused by fee impact or changes to your fee structure versus just market behavior subdued? And then on the wholesale business, I get markets weren't favorable this quarter, but operating leverage was quite negative this quarter. And I'm wondering how you're thinking about the combined Cowen and your legacy business and the cost base there basically? Leovigildo Salom - The Toronto-Dominion Bank - Group Head U.S. Retail and President & CEO of America's Most Convenient Bank Gabe, why don't I take the first one with regards to FHLB borrowings? Borrowings in the quarter went up to $19.5 billion, up from $10 billion at the end of last quarter. We typically use it as a temporary bridge source of liquidity. Sometimes it is more economic to do that than breaking into an investment position that hasn't yet matured. To give you a sense, we've already on a spot basis today, those borrowings are back down to $11.5 billion. So it's simply a transitional source of funding for us. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Yes. I was asking specifically about the trade -- that's a volume client behavior thing not -- because you have tweaked your fee structure a bit, and you're telling me that hasn't really had an impact there.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay.