NEW YORK, June 18 /PRNewswire/ -- TD Waterhouse Group, Inc., the global
online financial services firm (NYSE: TWE; TSE), reports the following monthly
activity for the period ended May 31, 2001:
* Total customer assets were $140 billion as of May 31, 2001, up
$2 billion from April 2001, and 8.5% lower than May 2000.
* Total trades per day averaged 118,800. This is a 2.2% decrease from
April 2001 and 21.6% lower than May 2000.
* New accounts opened totaled 36,400. This is down 36.7% from April
2001 and 45% lower than May 2000.
* Margin loans increased to $4.5 billion at May 31, 2001. This compares
to $4.2 billion a month earlier and is down $4 billion from May 31,
2000.
* During the first part of June, trades per day declined a further 17%
from May levels.
Steve McDonald, Chief Executive Officer noted, "While we experienced
slight increases in margin loans and customer asset levels in May, continuing
uncertainty among individual investors translated into decreased trading by
our customers, which we expect to continue through the summer.
"Given current conditions, we continue to work toward the goal we set
earlier this year of increasing annualized pre-tax income by $200 million by
decreasing expenses and boosting revenues through reduced compensation and
benefit costs primarily due to attrition, increased efficiencies through
technology enhancements, lowered marketing expenditures and the introduction
of segmented pricing initiatives."
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 4.6 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
approximately 89% 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 contains projections and other forward-looking statements
regarding future events and our future financial performance. These
statements are based on management's current beliefs and expectations. These
beliefs and expectations are based on assumptions that are subject to risks
and uncertainties that may cause actual results to differ materially from
these statements. The forward-looking statements contained in this release
speak only as of the date hereof and we do not undertake any obligation to
provide updates on or corrections of such statements in the future as a result
of subsequent developments or otherwise. The risks and uncertainties that may
cause actual results to differ materially from these statements include, but
are not limited to, (i) general economic conditions, (ii) market volatility,
(iii) decreased trading activity by our customers, (iv) customer attrition,
(v) the development and acceptance of new products and services, (vi) system
delays and failures, (vii) competition, (viii) a slowdown in the expected rate
of employee attrition, (ix) the success of our expense reduction initiatives
in achieving their expected benefits, and (x) our ability to estimate when our
expense reduction initiatives will affect our operating results. 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.
MAKE YOUR OPINION COUNT -- Click Here
SOURCE TD Waterhouse Group, Inc.
 back to top
Related links:
http://www.tdwaterhouse.com
CONTACT:
Media - Melissa Gitter, First Vice President,
Public Affairs, 212-806-3522, or Analyst - Kevin Sterns,
Executive Vice President & CFO, 212-908-7301, both of TD
Waterhouse Group, Inc.
|
