TD Bank has combined two lending groups to create a bigger commercial banking division, merging its corporate and specialty banking team into its commercial banking group.
The move by the U.S. subsidiary of Toronto-Dominion Bank puts areas that were part of the corporate and specialty lending group, including asset-based lending, equipment finance and commercial real estate, under the same leadership as middle-market, community and small-business lending. The combined division will also oversee commercial deposits, treasury management and point-of-sale solutions.
Chris Giamo, head of the commercial bank, will oversee the combined entity. Marla Willner, who was in charge of the corporate and specialty bank, will step into a new position leading TD’s commercial credit management and other strategic projects.
“To continue their track record of success, we have merged these teams to build on their combined strengths and position them for long-term growth,” TD Bank President and CEO Greg Braca said in a press release Monday. “Ultimately, it will help TD scale its core businesses and build the commercial bank of the future.”
Giamo joined TD Bank in 1998 to lead its middle-market lending team in New Jersey. A former regional president of TD’s New York metro region, Giamo became head of the commercial bank in 2017.
TD’s U.S. business banking division — which includes the commercial bank — has been growing recently. Year-over-year revenue rose by 4% in 2019 and by 2.2% in 2020. TD Bank is making an effort to deepen customer engagement and increase market share this year, according to Toronto-Dominion’s most recent annual report.
Before the consolidation, the commercial banking team had 2,000 U.S. employees, while the corporate and specialty banking team had 500. A bank spokeswoman said there could be changes to staffing levels if some workers move to other areas of the bank or decide to leave the organization, but no further details are available.
