TD Bank has responded to claims made on a CBC News show that some employees were prepared to break the law to achieve sales targets.
While none of the allegations have been proven in court, the TV program featured employees who said that they feared for their jobs if sales targets were missed and that prompted them to do things that were illegal.
One employee said that he had increased a customers’ lines of credit without their knowledge, in violation of federal banking laws.
In response, TD said it “does not believe certain media coverage is an accurate portrayal of our culture, or that it reflects the experience of most of our colleagues, but we take the concerns very seriously.”
The lender’s statement stressed that sales targets are in place to help manage its business but that “we will only succeed by doing the right thing for our customers.”
The bank is investigating the issues raised in the CBC broadcast and CEO Bharat Masrani commented that “we must earn our customers’ trust before we earn their business.”
More market update: