Sheryl McQuade, Regional President, New England Metro, TD Bank
In an interview with Invest:, Sheryl McQuade, regional president of the New England Metro for TD Bank, highlighted how TD has continued to grow through its offering of a wide range of services across both retail and commercial banking. McQuade also discussed the importance of prioritizing talent development.
How is TD Bank positioned in your region?
I am the regional president for the New England Metro, leading the six New England states for both the commercial banking and retail banking businesses. TD Bank has nearly 300 stores in this six-state footprint, and we provide a full range of commercial banking services, from small business all the way up to middle market, covering companies with revenues up to about a billion dollars.
We help businesses from the incubator stage, when they are just forming, often through our small-business offerings in the stores, and continue to work with them as they evolve and grow. Larger companies that need capital markets services or are preparing for a sale can work with TD Securities and TD Cowen. We aim to support the entire financial life cycle of an individual or business in these New England states.
What approach does TD Bank take to build and manage relationships?
Building relationships with customers is an incredible job, and I feel fortunate to do it, but I do not do it alone. I have an amazing leadership team of commercial market presidents and retail market presidents who live and work in these states. They play a crucial role in helping us achieve impressive market share across New England. New England was the first region for TD Bank in the United States [as TD Banknorth], so we have been growing for nearly 20 years. We are very proud of what we have retained and how we have expanded our presence during that time.
TD’s regional model is one of our biggest strengths. Our commercial and retail banking teams share space and collaborate to ensure that customers are at the center of everything we do. For example, if you are a consumer customer working at a business that also banks with TD, we make sure that both you and your employer benefit from that relationship. It is a holistic approach that helps us educate and support our customers.
How is TD Bank’s model changing?
We’re on a journey in Boston to make sure we have the right people and locations to serve local customers. We recently hired a new retail market president to lead this effort, ensuring that we align our talent with market opportunities and position ourselves where we can best serve our customers and communities.
We are evolving with the needs of customers and the shift toward digital solutions; however, physical locations remain critical in some areas. For example, we are opening a new store in Nubian Square, in the Greater Roxbury community. Nubian Square is home to a diverse ecosystem, including small businesses, nonprofits, and emerging populations. We are building a community room in that store, which will be available for the community to use as a gathering space.
While we recently closed a small number of stores that may no longer be serving those customers’ preferences, we are expanding and investing in other areas. Greater Boston is a major focus for TD Bank, and we are committed to growing and evolving alongside the community. This repositioning will be a deliberate process over the coming years, but our commitment to Boston is stronger than ever.
Given the increasing demand for digital banking solutions, how are you addressing cybersecurity threats and safeguarding customer data?
I will start by talking about the digital side because we do have what we call an Omnichannel Distribution Model. We want customers to be able to connect with TD services and colleagues wherever they are. This means customers can walk into a store and have a conversation about building a wealth plan, or perhaps start the process of getting a home equity loan. Then, if they need to leave before an application is finished, they can go home and continue the process right there on their device. This flexible, technology-driven approach meets customers wherever they are, ensuring continuity in their financial journey.
That is why we continue to invest in digital and mobile technologies to understand where our customers can best access us. We are very much trying to balance our store channel with digital access, because our store presence remains critical to us for having those deeper conversations about guiding people on their financial journey.
Regarding cybersecurity, one way we’re engaging is teaching our customers how to be wise about threats. Our TD SAFE program works with local law enforcement and raises awareness among our clients about being knowledgeable and wise when it comes to using mobile devices, identifying scams, communicating with family, moving money, and doing it all safely. It has been wildly successful in helping our customers think about cybersecurity more carefully.
With the Federal Reserve making the first rate reduction in four years, how do you anticipate this will affect the Greater Boston business environment?
Recently, I hosted a group of clients in one of our markets, and we had an investment professional from our wealth business give them an economic update. It was a terrific presentation and another example of how we offer thought leadership by bringing subject matter experts to our clients.
The topic was very timely because everyone has been feeling the pressure from rising costs of capital. Many commercial clients, especially real estate developers and investors, have seen the cost of capital rise so quickly that it has compromised their ability to continue investing and building. Now, with the rate reduction, we are anticipating a release from this period of stagnation.
People have been on the sidelines, waiting for a shift. Borrowing had become too expensive, and so investments slowed. But now, with the possibility of more affordable capital, we are well-positioned to support a resurgence in borrowing, whether for capital equipment, working capital, or commercial real estate development. There has been a significant pause, and we are excited for that to finally get some movement.
What are your key near-term priorities for TD Bank in the region?
One of our top priorities is talent. We are continuously focused on our talent journey, making TD a place where people from all generations and diverse sectors want to work. We are committed to showing that there is opportunity for everyone, whether they are in our consumer business, commercial business, or part of the numerous back-office operations supporting the front line.
Talent identification and development are crucial. We want to develop internal talent and recruit externally. It is a blend, bringing in experience from outside while promoting deserving internal candidates. Our mentoring programs are designed to connect internal talent with opportunities to grow across the organization.
Boston is another major focal point for us. We regularly bring together a cadre of professionals to fine-tune our commitments to what we call the “Grow Boston” initiative. A big part of this is leveraging TD Garden, our major asset in the North End. TD Garden is not only home to the Bruins and the Celtics, but also an incredible way for us to convene customers, prospective clients, and other areas of the bank. For example, our retail teams will introduce retail customers to our commercial bankers. We also invite universities and colleges to meet with retail teams to educate them about student banking services. The goal is to use TD Garden as a venue to bring more value to our communities and customers.
