NEW YORK, Dec. 14 /PRNewswire/ -- TD Waterhouse Group, Inc.
(NYSE: TWE; TSE), the global online financial services firm, reports the
following monthly activity for the period ending November 30, 2000:
-- New accounts opened totaled 54,700. This is down slightly (3%) from
October 2000 and compares to 60,600 in November 1999.
-- Total trades per day averaged 136,900. This is a 15.5% decrease from
October 2000 and compares to 159,600 in November 1999.
-- Total customer assets were $142 billion as of November 30th, down 11%
from October 31, 2000 and 7% higher than November 1999.
Steve McDonald, Chief Executive Officer noted, "We are operating in a
tough environment primarily due to market declines, decreased investor asset
values, political uncertainties and general economic conditions.
Nevertheless, we believe in the long-term trends of individual stock ownership
and self-directed online investing. Therefore, we continue to invest in
technology and global expansion. This quarter we launched a new advertising
campaign in the U.S. and the U.K., the production costs of which will result
in first quarter marketing expenses in the range of $30 to $35 million.
Notwithstanding this, we are carefully managing operating expenses firm wide."
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 4.4 million customer accounts in
the United States, Canada, the United Kingdom, Australia, and Hong Kong. The
firm also services customers in Japan and India through joint ventures 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 Financial Group (NYSE: TD; TSE),
which holds 88.6% 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. On February 1, 2000, TD Bank
Financial Group announced the completion of its CDN$8 billion acquisition of
CT Financial Services Inc., catapulting it from the fifth largest Canadian
bank to a leader in most of its retail businesses.
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, 1999.
SOURCE TD Waterhouse Group, Inc.
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Related links:
http://www.tdwaterhouse.com
CONTACT:
Media - Melissa Fox, Manager, Public Affairs,
212-908-3101, or Analysts - Kevin Sterns, Executive Vice
President & Chief Financial Officer, 212-908-7301, both of TD
Waterhouse Group, Inc.
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