Responding to reports in various media outlets, TD Bank Financial Group, parent of TD Waterhouse, and E*Trade Financial Corp. confirmed that they are holding discussions "with regard to a possible transaction." TD Waterhouse Institutional Services President Tom Bradley sent a letter to TDW's affiliated advisors on Januuary 13 quoting the brief joint statement. In the letter, Bradley said it was "business as usual" at Waterhouse Institutional.
There has been speculation for some time that TD Waterhouse's Canadian parent might sell off parts of its far-flung empire. Companies mentioned in the past as possible buyers have been Ameritrade and the Charles Schwab Co.