Toronto-Dominion Bank TD-T has tapped Matthew Boss to lead its consumer banking division in the United States, a business that is a fast-growing, revenue-generating behemoth for the lender currently embroiled in a regulatory probe in the country.
Mr. Boss takes on the newly created role at a pivotal moment as the bank seeks to expand in its largest growth market. Last year, an investigation by U.S. regulatory and law enforcement agencies derailed TD’s proposed takeover of Tennessee-based First Horizon Corp., forcing the lender to rejig its strategy in the country.
In his expanded role, Mr. Boss will oversee the bank’s U.S. network of more than 1,100 branches, contact centres, digital sales, retail, wealth and auto finance operations. He will also continue to manage the portfolios from his previous position as executive vice-president of consumer products, including deposit products, credit cards and unsecured lending and residential lending.
“Matt is a strong, forward-thinking leader with a keen focus on delivering results through a culture based on performance and accountability,” Leo Salom, president and chief executive of TD’s U.S. division, said in a statement. “His customer-centric approach, ability to drive best-in-class products and services from development to delivery, and deep commitment to fortifying our governance risk and controls will serve him well in his new role and position TD Bank for continued success here in the U.S.”
Since joining TD in 2017, Mr. Boss has led credit and unsecured lending before becoming the head of consumer product management in the U.S. During more than two decades working in banking, Mr. Boss has also worked at Melbourne-based Australia & New Zealand Banking Group and at Bank of America, leading teams in the U.S. and Britain.
“We’ve built a strong franchise over the past few decades and have recently introduced a number of product innovations and capability enhancements, but we have so much more to do,” Mr. Boss said in a statement. “It’s as important as ever that we continue to evolve our strategic approach to the business to ensure we’re well-positioned to provide even more value to our customers and communities in the years to come.”
In the U.S., TD is one of the 10 largest banks by assets, with more than 10 million customers across the Northeast, mid-Atlantic, metro Washington, the Carolinas and Florida.
But the bank’s major expansion plan in the market was crimped when it terminated its deal to acquire First Horizon last year. The takeover would have allowed TD to grab hundreds of retail branches and tens of billions of dollars in assets in the bank’s fastest growing market.
TD has yet to disclose the details of the U.S. regulatory probe, but has said that it expects to face fines or other penalties stemming from probes by regulators and law enforcement agencies, including the U.S. Department of Justice, related to its anti-money laundering practices. Some analysts have estimated that the fine could range from US$500-million to US$1-billion.
To revive its U.S. plans, TD has said it will open 150 U.S. retail branches by 2027, focusing on Florida, North Carolina, South Carolina, Georgia and Atlanta.
Stefanie Marotta