NEW YORK, April 17 /PRNewswire/ -- TD Waterhouse Group, Inc., the global
online financial services firm (NYSE: TWE; TSE), reports the following monthly
activity for the period ended March 31, 2001:
* New accounts opened totaled 57,000. This is up 4%, from February 2001
and compares to 164,600 in March 2000.
* Total trades per day averaged 116,500. This is a 14% decrease from
February 2001 and compares to 278,200 in March 2000.
* Total customer assets were $128 billion as of March 31, 2001, down
$8 billion from February 28, 2001, and is 27% lower than March 2000.
* Margin loans have decreased to $4.6 billion at March 31, 2001. This
compares to $5.7 billion a month earlier and is down $2.2 billion from
the average for the first fiscal quarter of 2001. Margin loans at
March 31, 2000 were a record $11.5 billion.
* During the first part of April, trades per day declined a further 5%
from March levels.
Steve McDonald, Chief Executive Officer noted, "The combination of
explosive growth in the markets at the beginning of 2000, followed by the
subsequent market declines over the following 12 months has had a profound
effect on our business. The current harsh environment continues to impact
every key measure of our business and has put pressure on our operating margin
in the near term.
"We have been implementing cost reduction programs over the last few
months, and they will have an accelerating effect as the year progresses. At
this time, our primary focus continues to be generating operational
efficiencies through the use of new technology solutions and using the normal
attrition that is inherent in our industry to reduce our headcount."
TD Waterhouse Group, Inc., (NYSE: TWE; TSE), also known as "TD
Waterhouse," provides investors with a broad range of brokerage, mutual fund,
banking and other consumer financial products on an integrated basis.
Worldwide, TD Waterhouse currently services 4.5 million customer accounts in
the United States, Canada, the United Kingdom, Australia, and Hong Kong. The
firm also has joint ventures in Japan, Luxembourg and India to serve investors
in those countries. TD Waterhouse can be found on the Internet at
http://www.tdwaterhouse.com and on America Online at Keyword: TD Waterhouse.
TD Waterhouse's majority owner is TD Bank (NYSE: TD; TSE), which holds
over 88% of the outstanding share capital of TD Waterhouse. Headquartered in
Toronto, Canada, with offices around the world, TD Bank Financial Group offers
a full range of financial products and services to approximately 13 million
customers worldwide.
This release may contain forward-looking statements, including statements
with respect to our operating goals. These statements, which reflect
management's current beliefs and expectations, are subject to risks and
uncertainties that may cause actual results to differ materially from these
statements. Such risks and uncertainties include, but are not limited to,
market volatility, decreased trading activity, the development and acceptance
of new products and services, system delays and failures, competition, and
general economic conditions. For a discussion of risks and uncertainties that
may cause actual results to differ from those reflected in such forward-
looking statements, please refer to our filings with the Securities and
Exchange Commission, including the information included under the heading
"Item 1. Business-Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended October 31, 2000.
SOURCE TD Waterhouse Group, Inc.
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Related links:
http://www.tdwaterhouse.com
CONTACT:
Media - Melissa Gitter, First Vice President,
Public Affairs, 212-806-3522, or Kevin Sterns, Executive Vice
President & Chief Financial Officer, 212-908-7301, both of TD
Waterhouse Group, Inc.
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