TD Bank deeper in AI mix with purchase of Layer 6

Ta-da! TD Bank is making its intentions clear with the acquisition of Toronto-based artificial intelligence (AI) company Layer 6. Layer 6 provides an AI-powered prediction engine for enterprise data. Its founders Tomi Poutanen and Jordan Jacobs are also co-founders of the Vector Institute, an AI research and education firm that TD also supports. Vector launched last year with $230 million of backing from over 30 companies including the governments of Canada and Ontario. Michael Rhodes, group head, innovation, technology and shared services, TD Bank, says AI has the "potential to power a new generation of data-driven applications from personalised and real-time advice to predictive analytics that will shape the future of banking for millions of individuals". Financial details were not disclosed, but TD says the acquisition is "not expected to have a meaningful impact" on its common equity tier 1 capital ratio.