Snapshot
Canada's second-largest bank, covering Canadian Personal & Commercial, US Retail (TD Bank, America's Most Convenient Bank), Wealth Management & Insurance, and Wholesale (TD Securities, including Cowen). It sold its Schwab stake in 2025.
Talking points
- AML remediation is a multi-year, board-level mandate. Bring scaled transaction monitoring, data lineage and financial-crime operations.
- The strategic review and restructuring suits an operating model and cost program.
Likely opportunities
- AML and financial-crime transformation. Restructuring and cost program. US balance-sheet optimization.
Outreach plans
2 plans for the main opportunities, in outreach wave 1. All budgets, deal sizes and dates are planning estimates made from the public brief, not from client data or Accenture financials. Executive names are used only where the brief also names them; verify roles and names before outreach.
1AML and financial-crime transformationRegulatory & riskIdentified$10M–$35M
The TD Bank Group brief flags this opportunity: AML and financial-crime transformation. Lead with a fixed-scope 6-week entry offer that proves value quickly, then grow it into a multi-year controls and financial-crime operations program, with managed services for the run state.
From opportunity: AML and financial-crime transformation
- Why now
- US AML remediation under a $3B penalty and an asset cap; strategic review and restructuring under CEO Raymond Chun.
- Buyers
- Chief Compliance Officer · Chief Risk Officer · COO · CIO
- Our sponsor
- Accenture Risk and Compliance MD for Financial Services, with the Data & AI lead as co-sponsor
- Entry
- A 6-week controls and operations diagnostic: baseline alert volumes, backlog and cost per case, then pilot AI-assisted case triage on one queue with model-risk documentation regulators can read.. Existing CAL relationship. Account lead (Piyush.Bhatnagar) brokers the first meeting with the Chief Compliance Officer, and the sponsor brings the point of view.
- Proof points
- Financial crime, compliance and controls case studies
Deal size$10M–$35M
Pursuit cost$220K
Win probability35%
Estimate: Estimate. Pursuit cost is about 44 person-weeks of account, sponsor and SME time at a blended $5,000 per person-week. The entry offer itself is a fixed fee of roughly $270k, or an Accenture investment if the pursuit is contested. The deal range is the 12-24 month follow-on (a multi-year controls and financial-crime operations program, with managed services for the run state), scaled for an extra-large (G-SIB or global leader) client from a reference range of $10-35M. It is not based on client budget data. Win probability of 35% is a planning assumption for a Mega Diamond.
Outreach sequence
- Week 1Summarize the public regulatory findings and peer remediation costs into a one-page risk view. Map the buying group (Chief Compliance Officer, Chief Risk Officer, COO) and known Accenture relationships.Account lead (Piyush.Bhatnagar) with an industry SME
- Week 2Confirm the sponsor, pick two reference clients, and line up support from a financial-crime platform partner such as Quantexa or NICE Actimize.Sponsor
- Week 3Reach the Chief Compliance Officer with a one-page note on AML and financial-crime transformation, through the account lead.Account lead (Piyush.Bhatnagar)
- Week 4-5Executive meetings with the Chief Compliance Officer and the Chief Risk Officer: test the hypotheses and offer the entry offer.Sponsor and account lead
- Week 6-7Demo AI-assisted alert triage and KYC refresh on synthetic data, with the model governance pack.Industry and technical SMEs
- Week 8Scope and price the entry offer with the client's working team; agree success measures.Pursuit lead
- Week 9-10Proposal review with the economic buyer (COO) and procurement.Sponsor
- Week 11-12Sign the entry offer and mobilize the 6-week team.Delivery lead
- Week 18Read out results and propose the follow-on: a multi-year controls and financial-crime operations program, with managed services for the run state.Sponsor and delivery lead
Timeline
Nov 2026Mar 2027
Prepare and engageFirst executive meeting held with the Chief Compliance Officer
ShapeEntry offer scoped with the client's working team
ProposeEntry offer signed
Deliver entry offerResults read out and follow-on proposal submitted
ExpandFollow-on program signed
Success measures
- Diagnostic signed
- Alert backlog and cost per case cut by 30-50% in the pilot queue (target)
- No adverse regulatory finding on the delivered scope
Risks
- Regulator-facing work favors incumbent remediation firms and law-firm-led programs
- Model-risk approval can add months before AI goes live
- Competition (from the brief): Big Four firms and AML specialists are heavily involved in remediation (industry pattern).
2Restructuring and cost programCost & operationsIdentified$8M–$25M
The TD Bank Group brief flags this opportunity: Restructuring and cost program; US balance-sheet optimization. Lead with a fixed-scope 4-week entry offer that proves value quickly, then grow it into the cost program office and the delivery of the largest levers.
From opportunity: Restructuring and cost program; US balance-sheet optimization
- Why now
- The strategic review and restructuring suits an operating model and cost program.
- Buyers
- CFO Kelvin Tran · COO · CEO Raymond Chun · Head of Transformation
- Our sponsor
- Accenture Strategy & Consulting MD for Financial Services, with the account's client lead
- Entry
- A 4-week cost baseline and value-at-stake review: spend cube, benchmarks and 3-5 levers with savings ranges, ready for the next earnings or board cycle.. Existing CAL relationship. Account lead (Piyush.Bhatnagar) brokers the first meeting with CFO Kelvin Tran, and the sponsor brings the point of view.
- Proof points
- Cost and operating model transformation case studies
Deal size$8M–$25M
Pursuit cost$185K
Win probability35%
Estimate: Estimate. Pursuit cost is about 37 person-weeks of account, sponsor and SME time at a blended $5,000 per person-week. The entry offer itself is a fixed fee of roughly $180k, or an Accenture investment if the pursuit is contested. The deal range is the 12-24 month follow-on (the cost program office and the delivery of the largest levers), scaled for an extra-large (G-SIB or global leader) client from a reference range of $8-25M. It is not based on client budget data. Win probability of 35% is a planning assumption for a Mega Diamond.
Outreach sequence
- Week 1Rebuild the cost base from filings and compare the efficiency ratio or expense ratio with peers. Map the buying group (CFO Kelvin Tran, COO, CEO Raymond Chun) and known Accenture relationships.Account lead (Piyush.Bhatnagar) with an industry SME
- Week 2Confirm the sponsor and pick two reference clients.Sponsor
- Week 3Reach CFO Kelvin Tran with a one-page note on restructuring and cost program, through the account lead.Account lead (Piyush.Bhatnagar)
- Week 4-5Executive meetings with CFO Kelvin Tran and the COO: test the hypotheses and offer the entry offer.Sponsor and account lead
- Week 6-7Take the CFO's team through the levers and the run-rate savings timeline.Industry and technical SMEs
- Week 8Scope and price the entry offer with the client's working team; agree success measures.Pursuit lead
- Week 9-10Proposal review with the economic buyer (CFO Kelvin Tran) and procurement.Sponsor
- Week 11-12Sign the entry offer and mobilize the 4-week team.Delivery lead
- Week 16Read out results and propose the follow-on: the cost program office and the delivery of the largest levers.Sponsor and delivery lead
Timeline
Dec 2026Apr 2027
Prepare and engageFirst executive meeting held with CFO Kelvin Tran
ShapeEntry offer scoped with the client's working team
ProposeEntry offer signed
Deliver entry offerResults read out and follow-on proposal submitted
ExpandFollow-on program signed
Success measures
- Value-at-stake review signed
- Savings program mobilized with a tracked run-rate
- Announced cost or efficiency targets met (client's measure)
Risks
- Strategy firms often hold the cost program design
- Savings targets can turn into rate pressure on the delivery work
- Competition (from the brief): Big Four firms and AML specialists are heavily involved in remediation (industry pattern).
01Strategic priorities
- Raymond Chun (CEO since February 2025) is fixing US AML (a multi-year remediation, the top priority), running a strategic review with restructuring, and repositioning the US balance sheet under the asset cap (selling $9B+ of mortgages).
- AML progress is "coming along" (Q2 2026).
02Financial health and spend signals
- Q2 2026 profit of about C$4.3B and a higher dividend. Medium-term targets were shelved during the review.
03Leadership changes
- Chun succeeded Bharat Masrani. Kelvin Tran is CFO. New AML and risk leaders were brought in.
04Regulatory pressure
- The 2024 DOJ, FinCEN, OCC and Fed settlement (about $3B) includes a US asset cap of about $434B and a monitorship. OSFI and FINTRAC in Canada.
05M&A and restructuring
- Sold its Schwab stake (2025). The First Horizon deal was abandoned in 2023.
06Tech stack and vendor footprint
- Big AML tech remediation (transaction monitoring, data). Cloud (Azure). AI under governance.
07Competitor engagements
- Big Four firms and AML specialists are heavily involved in remediation (industry pattern).
08Risk disclosures
- AML monitorship, the asset cap and US growth limits, and conduct.
Workforce
100,000 employees (2025), +12% since 2021; revenue per employee about $432K (+26%). Efficiency gainsunverified
Earnings call themes
No call themes tracked yet.
Regulatory actions
- Oct 2024 · Consent order DOJ, FinCEN, OCC and Federal Reserve · $3.1B · open. Guilty plea for US AML failures with about $3.1B in penalties, an asset cap on the US retail banks and a monitorship. Drives the AML remediation program.unverified
Recent public signals
Sourcing. Bullets without a source link or a ✓ mark come from model knowledge (public information up to mid-2026) and have not been verified. Check them against the latest filings before using them with a client. Recent public signals were found by web search; most were judged from the headline and source, not a full read.