TD reshapes capital markets bench with six md hires as long-time leaders exit amid restructuring
TD Bank is poaching senior capital markets leaders from Wall Street and Bay Street rivals as it doubles down on US growth, according to Reuters.
Toronto-Dominion Bank’s capital markets arm, TD Securities, has hired six managing directors in New York from JPMorgan Chase, Royal Bank of Canada, Goldman Sachs, Bank of Montreal and Bank of Nova Scotia to strengthen its leveraged finance, private credit and debt capital markets franchises.
TD’s head of global capital markets, Grant Miller, said in an interview that the bank has “every opportunity to effectively compete in every industry” and is adding external talent to “go after those opportunities,” Reuters reported.
The new hires, who joined between October 31 and this month, focus on financial institutions such as regional banks and insurers, as well as natural resources, technology and infrastructure, said Christopher Gerry, TD’s head of global debt capital markets.
Gerry added that they will cater to growth areas including financing data centres and described “a tremendous financing opportunity,” stressing TD wants to provide “the best advice” and capitalize on “the quantum of capital that needs to be raised.”
The additions include Mark Trudell from BMO to lead industrials coverage for leveraged finance and private credit, and former JPMorgan banker Nadine Yang to run US equity capital markets coverage of technology.
In debt capital markets, Reuters reported that Sean McCarty joined from Scotiabank to lead US energy coverage, while Catherine Awong moved from RBC to co-lead the US financial institutions DCM practice with Tom Healy, who arrived from Goldman Sachs.
Anthony Ragozino, who joined from RBC in October, now heads TD’s regulatory advisory and capital solutions team.
TD is Canada’s second-largest lender and has been scaling its capital markets platform following its $1.3bn acquisition of US investment firm Cowen in 2023.
CEO Raymond Chun is targeting fee-based business to lift profits after what Reuters described as a tumultuous period that included a 2024 fine against the bank’s US personal banking business for anti-money-laundering failures.
At the same time, senior departures continue on the global markets side.
Bloomberg reports Patrick Niro, who co-led securitized product sales and trading at Toronto-Dominion Bank, has left the firm after nearly a decade.
He was previously head of US securitized product sales, head of asset-backed securities sales and head of US investment-grade credit sales.
Bloomberg reported that Niro’s exit is part of a series of leadership changes tied to an ongoing restructuring.
The shakeup has already included the departures of Paul Mutter, formerly head of US fixed income and global head of fixed income sales, Jason Wen, ex-head of US investment-grade credit sales and trading, and Chris Vogel, former co-head of global markets.
