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TD Bank to add 2,000 technology roles in 2022, expanding workforce by 2%

01/26/2022 | 09:34am EDT
FILE PHOTO: The Toronto Dominion (TD) bank logo is seen on a building in Toronto

TORONTO (Reuters) - Toronto-Dominion Bank said on Wednesday it plans to hire more than 2,000 people to fill technology roles this year as it seeks to expand capabilities in engineering, automation, artificial engineering, cloud technology and cybersecurity.

The hiring plans would expand TD's 89,658-strong workforce by about 2.2%, based on its fourth-quarter financial statement.

Canadian banks have poured capital into growing technological capabilities in recent years while shrinking headcounts, particularly as the COVID-19 pandemic turbocharged demand for online banking services.

But TD's growth plans come at a time when other industries are also boosting their digital capabilities and demand for technology talent is already red-hot. Canada's digital economy is likely to account for about 11% of all employment by 2025, triggering demand for an additional 250,000 jobs, the Information and Communications Technology Council said in an August report https://www.ictc-ctic.ca/ictc-labour-market-outlook-additional-demand-digital-talent-reach-250000-2025.

That puts an even bigger spotlight on the bank's expenses after they rose 7% in fiscal 2021, driven in large part by variable employee compensation. The bank does not have a specific target for expense growth and will prioritize important projects that will drive growth, executives said on its fourth-quarter earnings call last month.

"Technology is now closer to our customers than ever before," said Greg Keeley, senior executive vice president for platforms and technology at TD. "It is undeniably an incredibly competitive landscape as financial services compete with Big Tech and Fintech for top talent in the industry."

(Reporting by Nichola Saminather; Editing by Will Dunham)

© Reuters 2022
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Analyst Recommendations on THE TORONTO-DOMINION BANK
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Sales 2022 42 163 M 32 841 M 32 841 M
Net income 2022 14 488 M 11 285 M 11 285 M
Net Debt 2022 - - -
P/E ratio 2022 11,8x
Yield 2022 3,91%
Capitalization 167 B 130 B 130 B
Capi. / Sales 2022 3,96x
Capi. / Sales 2023 3,47x
Nbr of Employees 90 000
Free-Float 99,8%
Duration : Period :
The Toronto-Dominion Bank Technical Analysis Chart | TD | CA8911605092 | MarketScreener
Technical analysis trends THE TORONTO-DOMINION BANK
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 92,10 CAD
Average target price 102,72 CAD
Spread / Average Target 11,5%
EPS Revisions
Managers and Directors
Bharat B. Masrani Group President, CEO & Non-Independent Director
Kelvin Vi Luan Tran Chief Financial Officer & Senior Executive VP
Brian Michael Levitt Non-Executive Chairman
Greg Keeley Senior Executive VP-Technology & Platforms
Nadir H. Mohamed Independent Director
Sector and Competitors