What’s In This Email

• TD Bank misses estimates amid U.S. probe & restructuring

• Starbucks’ new CEO under fire for his 1000-mile private jet commute

• Luxury designer consignment hidden gem

• Kaikebo, the century-old Japanese technique for managing money

• Notable Spotlight: Candlelight: A Tribute to Taylor Swift

• Notable Plug 🔌

✍️ TAKE NOTE

TD Bank Misses Estimates Amid U.S. Probe and Restructuring Challenges

Toronto-Dominion Bank (TD) fell short of analysts’ expectations in its fiscal third quarter due to underperformance in its wealth management sector and a significant restructuring charge tied to job cuts. The bank also set aside a hefty US$2.6 billion provision for fines related to ongoing U.S. money laundering investigations, adding to its financial strain.

Key Takeaways

• Earnings Miss: TD reported adjusted earnings of $2.05 per share, below the analyst estimate of $2.07, reflecting challenges in wealth management and higher-than-expected costs.

• Restructuring and Charges: The bank incurred $110 million in restructuring charges, primarily for employee severance and real estate costs, as it braces for more than US$3 billion in penalties tied to U.S. compliance issues.

• Ongoing U.S. Investigations: TD is under scrutiny from multiple U.S. authorities, including the Department of Justice, for alleged failure to prevent money laundering at several U.S. branches.

• CEO Succession in Question: The financial strain and ongoing investigations have raised questions about the future of CEO Bharat Masrani, with analysts speculating about potential leadership changes.

• Wealth Management Underperforms: TD’s wealth management and insurance unit delivered weaker-than-expected results due to increased insurance service expenses and other non-interest costs.

Why this matters: Stay informed on the evolving situation at TD Bank as it navigates these significant challenges. The bank's strategy and future performance could see substantial shifts with potential leadership changes and ongoing U.S. investigations. Keep an eye on upcoming announcements and quarterly results for further developments.

Read the full article here.

Starbucks' New CEO Faces Criticism Over 1,000-Mile Commute and Private Jet Use

Starbucks' newly appointed CEO, Brian Niccol, is facing backlash after it was revealed that he will commute nearly 1,000 miles from his home in Newport Beach, California, to the company's Seattle headquarters using a corporate jet. Critics argue that this arrangement contradicts Starbucks' public stance on environmental sustainability and raises concerns about whether the company’s hybrid work policies apply equally to all employees.

Key Takeaways

• CEO's Commute Controversy: Brian Niccol, set to take over as Starbucks' CEO on September 9, will commute 1,000 miles from California to Seattle using a company aircraft, sparking criticism over environmental impact and perceived double standards in corporate policy.

• Environmental and Practical Concerns: Critics, including investment analyst Dan Coatsworth, argue that Niccol's use of a private jet sends the wrong message to customers and employees, particularly given Starbucks' emphasis on sustainability.

• Debate on Hybrid Work Policies: Questions arise about whether Starbucks' three-day office work requirement will apply to Niccol, given his ability to work from a remote office in California.

• CEO Pay and Public Reaction: Niccol's compensation package, including a $1.6 million base salary and potential bonuses totaling up to $30 million, has fueled further debate on executive pay, particularly in light of rising consumer costs.

• Public and Social Media Backlash: The revelation has led to significant criticism on social media, with many questioning Starbucks' commitment to sustainability and the fairness of its workplace policies.

Why this matters: As Starbucks navigates this controversy, it's essential for the company to address these concerns transparently. Stakeholders, employees, and customers alike will be watching closely to see how Starbucks reconciles its leadership decisions with its public values.


Read the full article here.

Candlelight: A Tribute to Taylor Swift

September 7th or October 11th

fever_global

166K followers

View more on Instagram

Get Tickets.

🔌 NOTABLE PLUG

🎙️ Get Into It: Good Bad Billionaire podcast. How did the planet's richest people make their billions? From celebrities and secretive CEOs to sporting legends and tech titans, Simon Jack and Zing Tsjeng find out, and then decide whether they think they’re good, bad, or just another billionaire.

Ever wondered how Taylor Swift went from country singer to money-spinner? How Amazon boss Jeff Bezos came to launch one of the biggest corporations of the internet age? And how six-time NBA champion Michael Jordan made his fortune with Nike? Good Bad Billionaire is here to analyze the minds, motives, and money of some of the world's wealthiest individuals. No detail is too small and no story too wild to uncover.

Exploring the lives of Oprah Winfrey, Bill Gates, Rupert Murdoch, El Chapo, Narayana Murthy, and Kim Kardashian, this podcast paints a vivid picture of business, entrepreneurship, capitalism, and how our world really works. Listen on Apple or Spotify.

📄 Notable Hires: Manager/Director of Sales @ Fifth Season (hybrid, Toronto)

🎓 Hope This Helps: SurveyLoom. Uncover actionable gold with irresistible surveys that respondents love to complete, boosting response rates.

🌍 Notable Destinations: Toronto to Lagos, Nigeria ($1306 - $2000) Dates: September 25 - October 2. Click on this link to see the deal.

🧠 Today We Learned: that people develop first impressions of you in a tenth of a second.

We want to get to know you more! Take our community survey at your convenience. We appreciate you taking the time to help make Notable amazing!

Beyond Notable Daily
_________________

Editorial
Contact our editor

Advertising
Contact our team

Marketing Services
Contact our agency


ABOUT NOTABLE
Notable Life is Canada for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.