Canada won't escape U.S. woes, TD chief says
Toronto-Dominion Bank chief executive Ed Clark says a significant slowdown is coming, and the Canadian economy will not decouple from the United States.
Speaking to a financial services conference in New York, Mr. Clark spoke positively of the domestic banking environment.
“I always say to people if you don't buy me, buy one of the Canadian banks,” he told the room of investors. “It's been a terrific story in Canada.”
But he added Canada's economy will not likely escape troubles south of the border.
“Our outlook is that Canada will not decouple itself from the United States,” he said, adding there will be an impact on the bank's business.
“We're sitting here, the guns of August, waiting for the war to begin and anticipating it,” he said. “... Over a year ago, I announced it was coming, and all I did was end up cutting expenses probably a year in advance. But I do think this time it really is coming, and we are going to have a significant slowdown.”
Courtesy the Globe and Mail
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