Toronto-Dominion Bank Q3 2019 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 : A couple questions around the U.S. business. I'm sorry if I missed it, but the margin guidance for the U.S., did you provide any for the near term? And if not, could you tell me what the impact of the Fed rate cut will be on Q4 margins given that it took place at the end of the quarter? And then I've got a follow-up, broader, more interesting, I hope.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : In another way, would you expect a linear relationship in your margin vis-a-vis Fed rate cuts plural or does it moderate over time because that's what some of the other bank is saying?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. And my broader question. This issue, combined with Ameritrade, let's say, because their revisions have been pretty substantially negative reflecting there a more challenging growth outlook as well. The combination of your U.S. business and Ameritrade has been at least 20%, if not more, of your growth over the past few years. How does the possible slowdown in these businesses affect your confidence in the 7% to 10% growth, maybe roll that out over the next year as well perspective-wise?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : Ajai, you're a good guide to go to again. Just a quick question. Are you -- I know there's been lots of investments on the technology side, but from risk management and collections in particular, are you adequately staffed or are you adding to your staff?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : So in other words, you haven't ramped up right now in that from a collections perspective?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : You're adequately staffed, okay. And Teri, do you think you can generate operating -- positive operating leverage next year?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : Too early to talk about next year, is that right?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : Bharat, since I just got you, any updated thoughts around inorganic capital deployment?