TD Waterhouse Group Inc. announced 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, a 2.2% decrease from April 2001 and 21.6% lower than May 2000.

The discount brokerage firm said more than 35,000 new accounts were opened last month, down 36.7% from April 2001 and 45% lower than May 2000.

An increase in margin loans hit $4.5 billion at May 31, 2001, compared to $4.2 billion in April 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.”