Bank of America vs TD Bank: Founders, CEOs and History
Bank of America was founded in 1904 by Amadeo Peter Giannini and is led by Brian Moynihan. TD Bank was founded in 1955 by Founders of Bank of Toronto, Founders of Dominion Bank and is led by Raymond Chun.
Company facts
Bank of America
- Founded
- 1904
- Headquarters
- Charlotte, North Carolina
- Current CEO
- Brian Moynihan
- Employees
- 213,000
TD Bank
- Founded
- 1955
- Headquarters
- Toronto, Ontario, Canada
- Current CEO
- Raymond Chun
- Employees
- 100,000
Founders
Bank of America
Amadeo Peter Giannini
The founding of Bank of America is arguably the most radical and socially disruptive story in the history of American finance. It was not founded by wealthy Wall Street aristocrats, but by A. P. Giannini, the San Jose born son of Italian immigrants.
TD Bank
Founders of Bank of Toronto
The Bank of Toronto was chartered in 1855 by a group of Toronto millers and grain merchants who wanted local credit for Upper Canada's grain and milling trade.
Founders of Dominion Bank
The Dominion Bank was founded in 1869 by Toronto businessmen and opened for business in 1871. It expanded its branch network across Ontario and western Canada and merged with the Bank of Toronto in 1955 to form the Toronto-Dominion Bank.
CEOs and their tenures
Bank of America
- Amadeo Peter Giannini1904–1945
Founder and Chairman
Giannini was born in San Jose, California, in 1870 to Italian immigrant parents and sold fruit and vegetables from a horse-drawn wagon before opening the Bank of Italy in San Francisco at the age of 34.
Source - Hugh L. McColl Jr.1998–2001
Chairman and Chief Executive Officer
McColl joined the company in 1959 as a management trainee and built NationsBank through interstate acquisitions before its 1998 combination with San Francisco based BankAmerica, which took the Bank of America name and created the first coast-to-coast U.S.
Source - Ken Lewis2001–2009
Chairman and Chief Executive Officer
Lewis joined the company in 1969 as a credit analyst, ran corporate strategy from 1999, and became chairman and chief executive officer on April 25, 2001 when Hugh McColl retired.
Source - Brian Moynihan2010–present
Chair of the Board and Chief Executive Officer
Moynihan became chief executive officer on January 1, 2010, after running the general counsel, consumer banking and wealth management units, and he also chairs the board.
Source
TD Bank
- Bharat Masrani2014–2025
Group President and CEO (2014-2025)
Masrani led TD for more than a decade, overseeing the Schwab strategic partnership, the Cowen acquisition, and the attempted First Horizon merger. He accelerated TD's digital transformation and expanded the US franchise.
Source - Raymond Chun2025–present
Group President and CEO (2025-present)
Chun became Group President and CEO on February 1, 2025, after more than three decades at TD, including leading Canadian Personal Banking.
Source
Timeline: Bank of America and TD Bank side by side
1855TD Bank
Bank of Toronto founded
The Bank of Toronto was founded by a consortium of millers and merchants in Toronto, with initial capital of CAD $200,000, to serve Canada's emerging grain industry.
1869TD Bank
Dominion Bank chartered
The Dominion Bank was chartered by Canadian Parliament with backing from industrialists and financiers, opening its first branch in 1871 with initial capital of CAD $500,000.
1904Bank of America
Bank of Italy Founded: A.P. Giannini founded the Bank of Italy in San Francisco to expand access to banking for immigrants, wage earners, and small merchants.
1906Bank of America
San Francisco Earthquake Response: After the 1906 earthquake, Giannini resumed lending while much of San Francisco's banking system was disrupted.
1930Bank of America
Bank of Italy Renamed Bank of America: The Bank of Italy changed its name to Bank of America on November 1, 1930.
1955TD Bank
Merger creates Toronto-Dominion Bank
On February 1, 1955, the Bank of Toronto and The Dominion Bank merged to form the Toronto-Dominion Bank with 499 branches, 5,500 employees, and combined assets of CAD $1.1 billion.
1958Bank of America
BankAmericard Introduced: Bank of America introduced BankAmericard in 1958, a revolving-credit card that later became part of the Visa system.
1969TD Bank
TD Shield launched as corporate identity
The TD Shield was introduced as the official corporate identity, replacing the separate branding of the predecessor banks and establishing the visual identity that remains today.
1992TD Bank
Acquisition of Central Guaranty Trust
TD acquired Central Guaranty Trust, expanding its retail banking and trust services footprint in Canada.
1996TD Bank
Acquisition of Waterhouse Investor Services
TD purchased Waterhouse Investor Services for approximately $1.1 billion, establishing a major presence in discount brokerage and online investing.
1998Bank of America
NationsBank and BankAmerica Merge: The 1998 merger of Charlotte-based NationsBank and San Francisco's BankAmerica created the first coast-to-coast U.S. bank under the Bank of America name.
2000TD Bank
Acquisition of Canada Trust
TD acquired Canada Trust for CAD $8 billion, creating the TD Canada Trust retail banking brand and adding approximately 4 million customers and 500 branches.
2006Bank of America
MBNA Merger Completed: The MBNA merger expanded the card business to more than 40M active accounts and nearly $140B in managed balances, according to the company's January 2006 release.
2007TD Bank
Acquisition of Commerce Bancorp
TD acquired Commerce Bancorp for $8.5 billion, establishing a major US retail banking presence in the Northeast with the 'America's Most Convenient Bank' branding.
2008Bank of America
Countrywide Acquisition Approved: The Federal Reserve approved Bank of America's acquisition of Countrywide in June 2008.
2008Bank of America
Merrill Lynch Acquisition Approved: The Federal Reserve approved the acquisition of Merrill Lynch in November 2008.
2010TD Bank
Acquisition of South Financial Group
TD acquired South Financial Group, expanding its US presence in the Carolinas and Florida.
2011TD Bank
Acquisition of Chrysler Financial
TD acquired Chrysler Financial, establishing TD Auto Finance as a major US auto lending platform.
2014Bank of America
Mortgage Settlements With the Justice Department and FHFA: Bank of America agreed in August 2014 to a $16.65B settlement with the Justice Department over mortgage claims tied to Countrywide and Merril…
2018Bank of America
Erica Launched: Bank of America launched Erica in 2018 as an AI-enabled virtual assistant inside digital banking.
2020TD Bank
Strategic partnership with Charles Schwab
TD contributed its US brokerage business to Charles Schwab in exchange for a 13.4% stake in the combined entity, valued at approximately $13 billion.
2022TD Bank
First Horizon acquisition announced
TD announced the $13.4 billion acquisition of First Horizon Corporation, which would have created a top-6 US bank with 1,560 branches across 22 states.
2023Bank of America
CFPB and OCC Orders on Fees, Rewards and Accounts: In July 2023 the CFPB ordered Bank of America to pay more than $100M to customers for repeat non-sufficient-funds fees, withheld credit card rewards…
2023TD Bank
First Horizon deal terminated; Cowen acquired
On May 4, 2023, TD terminated the First Horizon merger due to regulatory refusal, paying $225 million in fees. On March 1, 2023, TD completed the $1.3 billion acquisition of Cowen Inc.
2024TD Bank
$3 billion AML fine and guilty plea
In October 2024, TD pleaded guilty to criminal BSA violations and conspiracy to commit money laundering, agreeing to pay over $3 billion in fines and accepting a $434 billion asset cap on US operations.
2025Bank of America
$113.1B FY2025 Revenue: The company reported $113.1B in total revenue net of interest expense and $30.5B in net income for FY2025.
2025Bank of America
Co-Presidents Named: On September 12, 2025 Bank of America named Dean Athanasia and Jim DeMare Co-Presidents and gave Chief Financial Officer Alastair Borthwick the added title of executive vice presi…
2025TD Bank
Schwab stake sold; Raymond Chun becomes CEO
On February 12, 2025, TD completed the sale of its entire 10.1% Schwab stake for approximately $14.6 billion. Raymond Chun became CEO on February 1, 2025, replacing Bharat Masrani.
Acquisitions
Bank of America
- Countrywide Financial2008$4B
- Merrill Lynch2008$50B
- LaSalle Bank2007$21B
- MBNA2006$35B
- FleetBoston Financial2004$47B
- BankAmerica / NationsBank merger1998Undisclosed
TD Bank
- Cowen Inc.2023$1.3B
- First Horizon Corporation (terminated)2023$13.4B
- Commerce Bancorp2007$8.5B
- Canada Trust2000$8B
Questions about Bank of America vs TD Bank
Who is the CEO of Bank of America Corporation and The Toronto-Dominion Bank?
Bank of America Corporation is led by Brian Moynihan and The Toronto-Dominion Bank is led by Raymond Chun. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Bank of America Corporation founded vs The Toronto-Dominion Bank?
Bank of America Corporation was founded in 1904 — 51 years before The Toronto-Dominion Bank, which was founded in 1955. Bank of America Corporation's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger The Toronto-Dominion Bank.
How many employees does Bank of America Corporation have compared to The Toronto-Dominion Bank?
Bank of America Corporation employs approximately 213,000 people, while The Toronto-Dominion Bank employs approximately 100,000. Bank of America Corporation has the larger workforce at 213,000 employees, compared to The Toronto-Dominion Bank's 100,000. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Bank of America Corporation and The Toronto-Dominion Bank headquartered?
Bank of America Corporation is headquartered in United States and The Toronto-Dominion Bank is headquartered in Canada. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Bank of America Corporation and The Toronto-Dominion Bank?
Bank of America Corporation was founded by Amadeo Peter Giannini. The Toronto-Dominion Bank was founded by Founders of Bank of Toronto, Founders of Dominion Bank.
Which company has a longer operating history — Bank of America Corporation or The Toronto-Dominion Bank?
Bank of America Corporation has been operating for approximately 122 years, making it the more established of the two companies. The Toronto-Dominion Bank has been in operation for around 71 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bank of America vs TD Bank overview