Abstract
Ed Clark discusses the importance of banking in the real economy, the weakening of trust of banks on the part of the public, and what banks must do to reclaim that trust. In particular, he cites the need for adequate capitalization and the need for cultural change within banking. There must be a shift back to a focus on the needs of customers rather than the potential gains from casino-like activity. He also discusses changes that have taken place in technology and operating practices in basic banking to provide better service to customers. He expresses a need for more informed bank regulation to avoid asset bubbles.
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From remarks presented at the NABE Annual Meeting, September 29, 2014.
*Ed Clark was appointed Group President and Chief Executive Officer of TD Bank Group on December 20, 2002, retiring on November 1, 2014, after 12 years as CEO. Following TD's acquisition of Canada Trust Financial Services in February of 2000, he joined TD Bank Group as Chairman and Chief Executive Officer of TD Canada Trust. In this role he oversaw the successful integration of the TD and Canada Trust banking operations. He then served as President and Chief Operating Officer starting in July 2000. Before joining TD, Clark was President and Chief Executive Officer of Canada Trust Financial Services. In 1985, he joined Merrill Lynch, and three years later was appointed Chairman and Chief Executive Officer of Morgan Financial Corporation, a position he held until he joined Canada Trust Financial Services Inc. in 1991. From 1974 to 1984, Clark held a number of senior positions in the Canadian federal government. He serves as Chairman of the Board of TD Bank N.A. and its subsidiary banks and also serves as Vice-Chairman of the Board of TD Ameritrade Holding Corporation. He is also chair of the Advisory Board for the School of Public Policy and Governance at the University of Toronto. In 2014, Clark was elected to the Board of Trustees of the Brookings Institute. He graduated from the University of Toronto in 1969 with a Bachelor of Arts degree. He earned his Master's degree and Doctorate in Economics from Harvard University in 1971 and 1974 respectively. He has also received honorary degrees from Mount Allison University, Queen's University, Western University, and the University of Toronto.
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Clark, E. Banking and the Real Economy. Bus Econ 50, 34–38 (2015). https://doi.org/10.1057/be.2014.39
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DOI: https://doi.org/10.1057/be.2014.39