The man responsible for running the division Toronto-Dominion Bank has bet its future on is retiring.
Mike Pedersen, who currently heads TD's U.S. personal and commercial banking arm, announced his retirement late Thursday, but will stay with the bank until sumer 2017 to help with the transition.
The role he leaves behind is an important one for the bank. Although Canadian personal and commercial bank currently generates roughly 60 per cent of TD's total profit, the lender has spent more than $20-billion on retail banking acquisitions south of the border since 2004, in hopes that a solid U.S. franchise will deliver future growth. Story
Brookfield joins the team circling Performance Sports
What looked like it could become a brawl over sports equipment manufacturer Performance Sports Group Ltd. has taken a friendly turn.
Shareholder Brookfield Capital Partners Ltd. has entered into a confidentiality agreement with PSG's largest investor, Sagard Capital Partners LP, the U.S. investment firm controlled by the Desmarais family's Power Corp., the two companies announced Thursday in a filing with the U.S. Securities and Exchange Commission. They said they could act together on potential proposals, including a possible restructuring of PSG, equity issuance or debt refinancing. Story
J.P. Morgan first foreign dealer to get relief from onerous bond rule
The Ontario Securities Commission published a decision Thursday allowing international securities dealer J.P. Morgan Securities LLC to trade certain bonds of Canadian issuers with Canadian institutional investors.
The exemptive relief loosens restrictions that prevented foreign dealers from buying and selling the debt of Canadian companies that has been issued in another country or in another currency such as U.S. dollars or euros. Story
DAILY DEALS
Qualcomm to buy NXP for $38-billion in record chip deal
Qualcomm Inc. agreed to buy NXP Semiconductors NV for about $38-billion in the biggest-ever semiconductor industry deal, expanding the reach of its chips from phones to cars.
The deal will make Qualcomm, which provides chips to Android smartphone makers and Apple Inc., the top supplier of chips to the automotive industry and help to reduce its dependence on the smartphone market. Story
Barrick says it's open to offers for core mines, including Veladero
Barrick Gold Corp. will consider offers to buy all or some of its five major mines, including Veladero in Argentina, a top executive said on Thursday, after Reuters reported the company held talks with Chinese miners.
China's Zijin Mining Group and Shandong Gold Mining have had separate discussions with Barrick about buying a 50-per-cent stake in Veladero, according to four sources with knowledge of the process. Story
IN CASE YOU MISSED IT
The new TD: Bank's CEO finally marks his territory. Story
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