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130	130	Operating out of 15 offices in key financial centres, the company provide superior advice and execution to clients around the world. The company's services include the underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and executing daily trading and investment needs.
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133		-Industry Overview
	133	+= Industry Overview =
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136		-The global economic recovery has slowed after an initial burst of growth following the end of lockdowns in the early summer months. A resurgence in COVID-19 cases across Europe and North America has prompted renewed restraints on activity, leaving economic momentum vulnerable in the fourth calendar quarter of 2020. Until an effective vaccine or treatment is widely distributed, the global economy is likely to remain susceptible to such periodic setbacks.
	136	+The global economic recovery has slowed after an initial burst of growth following the end of lockdowns in the early summer months. A resurgence in COVID-19 cases across Europe and North America has prompted renewed restraints on activity, leaving economic momentum vulnerable in the fourth calendar quarter of 2020. Until an effective vaccine or treatment is widely distributed, the global economy is likely to remain susceptible to such periodic setbacks.{{footnote}}https://www.td.com/document/PDF/ar2020/ar2020-Managements-Discussion-and-Analysis.pdf{{/footnote}}
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138		-[[https:~~/~~/www.td.com/document/PDF/ar2020/ar2020-Managements-Discussion-and-Analysis.pdf>>url:https://www.td.com/document/PDF/ar2020/ar2020-Managements-Discussion-and-Analysis.pdf]]
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140	140	susceptible to such periodic setbacks. The Bank expects global real GDP to contract by 3.8% in calendar 2020, the largest annual decline in the post-war era. China is the only major economy that is likely to record growth this year, with early control of the virus, state-supported investment and rising exports supporting economic activity.
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