Royal Bank of Canada vs TD Bank: Founders, CEOs and History
Royal Bank of Canada was founded in 1864 by Merchants Bank of Halifax founders and is led by Dave McKay. TD Bank was founded in 1955 by Founders of Bank of Toronto, Founders of Dominion Bank and is led by Raymond Chun.
Company facts
Royal Bank of Canada
- Founded
- 1864
- Headquarters
- Toronto, Ontario, Canada
- Current CEO
- Dave McKay
- Employees
- 97,795
TD Bank
- Founded
- 1955
- Headquarters
- Toronto, Ontario, Canada
- Current CEO
- Raymond Chun
- Employees
- 100,000
Founders
Royal Bank of Canada
Merchants Bank of Halifax founders
RBC was founded in 1864 by Halifax merchants as the Merchants Bank of Halifax, created to finance trade in Nova Scotia and with the Caribbean. The bank was renamed Royal Bank of Canada in 1901.
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
Royal Bank of Canada
- Dave McKay2014–present
President and Chief Executive Officer
A career RBC executive who joined the bank in 1988, McKay became CEO in August 2014. He has led the City National Bank, Brewin Dolphin and HSBC Bank Canada acquisitions and the bank's push into digital and AI.
Source - Katherine Gibson2024–present
Chief Financial Officer
Became CFO in 2024 after the bank dismissed former CFO Nadine Ahn; previously led finance for Personal & Commercial Banking.
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: Royal Bank of Canada 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.
1864Royal Bank of Canada
Founding of the Merchants Bank of Halifax
A group of merchants and financiers in Halifax, Nova Scotia, establish the Merchants Bank of Halifax, initiating the construction of an unified, reliable financial network across the Maritime provinces.
1869Royal Bank of Canada
Granting of the Federal Charter
The bank petitions the federal government for a national charter, officially changing its name to the Royal Canadian Bank and establishing the legal framework for its expansion into Ontario and Quebec.
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.
1901Royal Bank of Canada
Adoption of the Royal Prefix
Following the acquisition of the Union Bank of Halifax and the expansion into Western Canada, King Edward VII grants the bank the royal prefix, officially renaming it the Royal Bank of Canada.
1925Royal Bank of Canada
Expansion into the Caribbean
The bank executes an expansion into the Caribbean, acquiring the Union Bank of Canadas Caribbean operations and establishing a dominant presence in the regions trade finance and commercial banking markets.
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.
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.
1993Royal Bank of Canada
Acquisition of Royal Trust
The bank acquires the Royal Trust company, instantly scaling its wealth management and custodial operations and establishing the foundation for its modern, fee-based financial services platform.
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.
2000Royal Bank of Canada
Failed Merger with Bank of Montreal
The bank attempts a ~$14.4 billion (CAD 20 billion) merger with the Bank of Montreal which is ultimately blocked by the federal government due to concerns over market concentration, forcing the bank to pursue organic growth and targeted acquisitions.
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.
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.
2008Royal Bank of Canada
Acquisition of Dain Rauscher and US Wealth Expansion
The bank acquires the US-based wealth management firm Dain Rauscher, rebranding it as RBC Wealth Management and initiating a multi-decade expansion strategy in the US high-net-worth advisory market.
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.
2016Royal Bank of Canada
Acquisition of City National Bank
The bank acquires the premium commercial and wealth franchise of City National Bank for ~$3.89 billion (CAD 5.4 billion), instantly establishing a dominant position in the affluent US coastal markets and the entertainment industry lending sector.
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.
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.
2024Royal Bank of Canada
Completion of the HSBC Bank Canada Acquisition
The bank completes the ~$9.72 billion (CAD 13.5 billion) acquisition of HSBC Bank Canada, instantly elevating its market share in the lucrative British Columbia corridor and adding over 700,000 high-net-worth customer accounts to its roster.
2024Royal Bank of Canada
HSBC Canada Acquisition Completed
RBC completes the CAD $13.5 billion HSBC Bank Canada acquisition, adding clients, deposits, commercial relationships, and wealth-management scale while Dave McKay continues as President and CEO.
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.
2025Royal Bank of Canada
FY2025 Revenue Reaches CAD $66.605 Billion
RBC reports FY2025 total revenue of CAD $66.605 billion and net income of CAD $20.369 billion.
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.
2026Royal Bank of Canada
Q2 2026 Earnings Update
RBC reports Q2 2026 net income of CAD $5.5 billion, CAD $17.453 billion of quarterly revenue, and a 13.5% CET1 ratio.
Acquisitions
Royal Bank of Canada
- HSBC Bank Canada2024$13.5B
- Brewin Dolphin2022Undisclosed
- City National Bank2015Undisclosed
- Royal Trust1993Undisclosed
TD Bank
- Cowen Inc.2023$1.3B
- First Horizon Corporation (terminated)2023$13.4B
- Commerce Bancorp2007$8.5B
- Canada Trust2000$8B
Questions about Royal Bank of Canada vs TD Bank
Who is the CEO of Royal Bank of Canada and The Toronto-Dominion Bank?
Royal Bank of Canada is led by Dave McKay 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 Royal Bank of Canada founded vs The Toronto-Dominion Bank?
Royal Bank of Canada was founded in 1864 — 91 years before The Toronto-Dominion Bank, which was founded in 1955. Royal Bank of Canada'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 Royal Bank of Canada have compared to The Toronto-Dominion Bank?
Royal Bank of Canada employs approximately 97,795 people, while The Toronto-Dominion Bank employs approximately 100,000. The Toronto-Dominion Bank has the larger workforce at 100,000 employees, compared to Royal Bank of Canada's 97,795. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Royal Bank of Canada and The Toronto-Dominion Bank headquartered?
Both Royal Bank of Canada and The Toronto-Dominion Bank are headquartered in Canada, meaning they operate under the same primary regulatory and tax environment.
Who founded Royal Bank of Canada and The Toronto-Dominion Bank?
Royal Bank of Canada was founded by Merchants Bank of Halifax founders. The Toronto-Dominion Bank was founded by Founders of Bank of Toronto, Founders of Dominion Bank.
Which company has a longer operating history — Royal Bank of Canada or The Toronto-Dominion Bank?
Royal Bank of Canada has been operating for approximately 162 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 Royal Bank of Canada vs TD Bank overview