Toronto-Dominion Bank chief executive Ed Clark is pouring cold water on the idea that TD Ameritrade could soon take over rival E*Trade Financial.
Asked at a conference on Thursday whether E*Trade poses too much of a risk, Mr. Clark said yes.
"I think everyone recognizes that E*Trade has to play out and we have to see what happens to its balance sheet," he said. TD owns a significant stake in TD Ameritade.
Mr. Clark said that it will take all of 2010 to get more clarity on the company. No one knows what E*Trade is worth right now, and that will depend on what happens to the U.S. housing market, he said.
In the meantime, TD Ameritrade is showing that it can grow organically by stealing market share from the competition, Mr. Clark said.