TD’s US Investment-Banking Push Risks Leaving Canada Behind (1)

As hundreds of TD Securitiesmanaging directors gathered at the Encore hotel overlooking Boston Harbor in June, there was a celebratory atmosphere in the air. Less publicly, there was grousing as well.

The buoyant mood at the multiday meeting was partly because Toronto-Dominion Bank’s takeover of New York investment bank Cowen Inc. — completed in 2023 — had cleared its last legal hurdle just months earlier, allowing the firms’ traders to finally work together in person.

Toronto-Dominion Bank is headquartered in the financial district of Canada’s largest city

Photographer: Laura Proctor/Bloomberg

The event also marked the first time that TD Securities head Tim Wiggan outlined his vision and assembled his newly minted leadership ...