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The bank’s shares dropped more than 5% on Friday after allegations that employees broke the law to meet sales targets

By Canadian Press |
Source: The Canadian Press

Shares of Toronto-Dominion Bank (TD) climbed Monday as the company defended itself against allegations that employees broke the law to keep their jobs.

In a statement late Sunday, TD Bank CEO Bharat Masrani said he doesn't believe the reports are an accurate portrayal of the Toronto-based bank's workplace, but he takes the concerns the story raises seriously.

"TD is in the trust business," Masrani said in the statement. "We know we must earn our customers' trust before we earn their business."

The bank's stock was up nearly 2%, or $1.30, in morning trading on the Toronto Stock Exchange at $67.30.

On Friday, shares of TD lost more than 5% after the CBC reported that current and former bank employees alleged they broke the law to meet sales targets in order to stay employed.

Read: TD employees allege they broke the law to meet sales targets