Archive · 30 Sep 2025
TD's US Investment Banking Expansion Raises Canadian Concerns
TD Bank, a Canadian bank, bought an American investment bank called Cowen.
Now, TD is really focusing on growing its business in the US.
This has made some Canadian employees worry that their part of the bank is being left behind.
They are concerned that resources and attention are now going to the US, and that the Canadian business might suffer.
Some also think that the Canadian managers are getting paid less than their US counterparts.
However, TD says that it is dedicated to opportunities in both the US and Canada.
TD Securities is expanding aggressively in the US after acquiring Cowen Inc.
Some Canadian employees feel overlooked due to the US focus.
There are concerns about pay disparities and job cuts in Canada.
TD executives state commitment to opportunities in both the US and Canada.
TD is focused on US expansion and aims to be more nimble.
- Who
- Toronto-Dominion Bank (TD)
- What
- US investment banking focus and its impact on Canadian operations
- When
- Since the Cowen Inc. acquisition in 2023
- Where
- US and Canada
- Why
- TD aims to strengthen its presence in US capital markets.
Canadian Employees
TD Executives
Focus and Resources
Canadian Employees
Canadian franchise is being neglected.
TD Executives
Teams are global to better serve Canadian clients in the US.
Pay Disparities
Canadian Employees
Canadian managers are paid less than US subordinates.
TD Executives
Pay gaps have always existed, more evident post-merger.
- Key Acquisition
- Cowen Inc. (2023)
- TD Securities Revenue (Recent)
- Over C$2 billion per quarter
- Retention Bonuses (Charney/Wieseneck)
- $73 million
- TD Securities Goal
- Improve adjusted return on equity to ~13% by 2029