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CEO of TD Bank Ed Clark addresses shareholders at the company's annual general meeting in Calgary.
CEO of TD Bank Ed Clark addresses shareholders at the company's annual general meeting in Calgary.
(TODD KOROL/REUTERS)

TD’s dividend strategy has investors nervous

On his way out the door, Ed Clark is getting a final reminder about the first rule of banking: don’t fiddle with your dividend.

On Toronto-Dominion Bank’s last quarterly conference call, Mr. Clark surprised analysts by announcing the bank would alter its dividend policy. Although the bank has been hiking its payout twice a year of late, any future hikes can be expected just once annually.