January 9, 2018 / 2:36 PM / 5 months ago

TD Bank buys AI company Layer 6 Inc

(Reuters) - Toronto-Dominion Bank (TD.TO), Canada’s No. 2 bank, on Tuesday said it bought Layer 6 Inc, an artificial intelligence (AI) company for an undisclosed sum.

The bank added that Toronto-based Layer 6’s acquisition is not expected to impact its common equity tier 1 capital ratio, which was at 10.7 percent at the end of the fourth quarter.

Banks have been employing AI to help with customer interactions, assess the creditworthiness of customers and spot profitable trades across markets, among others.

Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D'Couto

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