Core Insights - The acquisition of Cowen Inc. by Toronto-Dominion Bank has been completed, allowing TD Securities to pursue capital-markets business more aggressively [1][3] - There is internal discord among Canadian employees who feel sidelined by the bank's new US focus, despite the leadership's assurances of a balanced approach [2][4][10] - TD Securities has seen significant revenue growth, exceeding C$2 billion in each of the past three quarters, which is crucial for the bank's overall success [5] Leadership and Strategy - Tim Wiggan, head of TD Securities, has introduced a new leadership team, including former Cowen executives Dan Charney and Larry Wieseneck, who aim to position TD as a competitive force against Wall Street giants [2][5] - The firm is focusing on building a prime-brokerage business and has launched a convertible-equity business, which executives believe would have been challenging without the Cowen acquisition [16][18] Employee Sentiment and Morale - There are concerns about low morale among Canadian staff, who feel that the focus on US growth has led to neglect of the Canadian operations [4][9][12] - Compensation disparities between Canadian and US employees have become more pronounced post-merger, contributing to dissatisfaction among Canadian staff [10][13] Market Position and Performance - TD Securities has made strides in automated trading and has become the top municipal-bond dealer in the US, although similar advancements in Canada are lagging [17] - The firm has recovered its position in the Canadian fixed-income market after a period of underperformance, indicating a potential shift in focus back to domestic operations [15] Future Outlook - The leadership emphasizes the importance of maintaining a strong presence in Canada while pursuing growth in the US, with a commitment to career-building opportunities for Canadian employees [13][20] - Employee satisfaction has reportedly improved, with internal surveys indicating a positive perception of the strategic direction of the capital-markets business [19]

Core Viewpoint - A former credit trader at Toronto-Dominion Bank is suing the bank to declare his non-competition agreement unenforceable, claiming the bank breached its promises regarding his trading strategy [1][2]. Group 1: Legal Action - Matthew Austin filed a lawsuit against Toronto-Dominion's US securities arm in federal court, asserting that the bank is improperly enforcing a non-compete agreement [2]. - Austin's complaint states that he was recruited with explicit promises to implement an algorithmic trading strategy, which was later shut down by the bank [3][5]. Group 2: Employment and Strategy Issues - After launching his trading strategy in April 2025, Austin alleges that over half of the trading desk was terminated shortly thereafter [3]. - The new desk head reportedly expressed a preference against running Austin's strategy, citing a lack of team buy-in [4]. Group 3: Consequences of Termination - Following the shutdown of his strategy in July, Austin claims the bank failed to clarify his compensation and pressured him to trust management [5]. - After resigning on August 25, Austin states that the enforcement of the non-compete has led to lost income and reputational harm, as well as deterioration of his skill set in the fast-evolving field of quantitative finance [6]. Group 4: Background of the Plaintiff - Austin has a notable background, having served as a vice president in credit trading at Goldman Sachs and holding a Ph.D. in biostatistics from Harvard [6].

Core Investment Thesis - Canadian banks, specifically Toronto-Dominion Bank (TD) and Bank of Nova Scotia (Scotiabank), offer higher dividend yields compared to average large U.S. banks, with TD at 3.9% and Scotiabank at 4.9% [1][2] Group 1: Regulatory Environment - Canadian banking regulations are stricter than those in the U.S., leading to a more stable and conservative banking environment [3][6] - TD and Scotiabank benefit from entrenched industry positions due to regulatory support, creating an oligopolistic market structure [5] Group 2: Historical Performance - Both banks have maintained consistent dividend payments for over 100 years, demonstrating reliability and resilience during economic downturns [6][7] - Unlike U.S. banks, TD and Scotiabank did not cut dividends during the 2007-2009 recession, showcasing their conservative management approach [6] Group 3: Growth Prospects - TD Bank's U.S. division faced challenges due to regulatory issues related to money laundering, resulting in an asset cap that limits growth until resolved [8][10] - Scotiabank is shifting focus from Central and South America to increase its presence in the U.S. market, including a nearly 15% stake in KeyCorp [11][12] Group 4: Investment Appeal - Both banks are positioned as attractive options for dividend investors, with Scotiabank showing aggressive growth strategies and recent dividend increases as a sign of positive transition [13] - Despite recent price gains, TD and Scotiabank have lower forward-looking P/E ratios compared to U.S. banks like Citigroup, indicating potential undervaluation and growth opportunities [15]

Group 1 - TD Bank has appointed Jon Rasmussen, a veteran from JP Morgan, as its U.S. chief compliance officer [1]

Group 1 - The Toronto-Dominion Bank (TD) has published a base prospectus for its $40 billion Global Medium Term Note Programme, authorized by the Financial Conduct Authority [1][2] - The prospectus includes several key documents such as the Annual Information Form dated December 4, 2024, and the audited financial statements for 2023-2024 [3] - The notes issued through this program are not covered by the US Securities Act of 1933 and can only be sold in the US under certain exemptions [2][4] Group 2 - TD operates through four main segments: Canadian Personal and Commercial Banking, US Retail, Wealth Management and Insurance, and Wholesale Banking [4] - The prospectus contains information intended only for residents of specific countries, with a warning for individuals outside those countries not to rely on it [4]

Group 1 - Toronto-Dominion Bank has appointed Taylan Turan as Chief Operating Officer, effective September 29, 2023, who previously held a senior position at HSBC [3][5] - Simon Fish will join as General Counsel on September 15, 2023, coming from the Bank of Montreal [4] - The leadership changes are part of a strategic shift ahead of the investor day on September 29, where the new strategic direction will be announced [6] Group 2 - The bank has not traditionally had a COO, with the current CEO Raymond Chun having held the role temporarily before his appointment [5] - Paul Whitehead has been promoted to be Turan's deputy, starting December 1, 2023, focusing on client and colleague experience and marketing [5] - The management changes are aimed at enhancing "disciplined execution and client experience leadership" according to CEO Chun [6]

Toronto-Dominion Bank hired a CEO from HSBC Holdings Plc and is replacing its general counsel as two top executives depart the company https://t.co/pBNoWfAJLR ...

Core Points - TD Asset Management Inc. (TDAM) announced the scheduled termination of its Maturing Funds on or about November 21, 2025, which includes specific ETFs and Mutual Funds [1][2][9] - The Maturing Funds have a defined maturity date, and upon reaching this date, the funds will be terminated, and net assets will be returned to unitholders [2][6] Maturing ETFs - The Maturing ETFs include the TD Target 2025 Investment Grade Bond ETF (Ticker: TBCE) and the TD Target 2025 U.S. Investment Grade Bond ETF (Ticker: TBUE.U) [1][9] - No further direct subscriptions for units of the Maturing ETFs will be accepted effective September 10, 2025 [4] - Units of the Maturing ETFs are expected to be voluntarily delisted from the Toronto Stock Exchange on or about November 19, 2025, with mandatory redemption occurring on the Maturity Date [5][6] Maturing Mutual Funds - The Maturing Mutual Funds will stop accepting additional purchases effective immediately, and unitholders can redeem or switch their holdings until market close on November 20, 2025 [3] - TDAM will not impose any short-term trading fees or sales charges for transactions involving the Maturing Mutual Funds [3] Asset Management Overview - TDAM manages assets totaling $504 billion as of June 30, 2025, and offers a range of investment solutions to various clients, including corporations and individual investors [8]

Question-and-Answer SessionAjai BambawaleGroup Head & Chief Risk Officer Thanks for the question. So with the risk environment so heightened, Brian, I mean, there's naturally more than one thing that's top of mind for me, but let me call out the top 3. The first is geopolitical risk, okay? The landscape, as you know, is turbulent, and it's characterized by things like deglobalization, trade protectionism, the ongoing conflicts, the strained relations. And the way I'm looking at it is this risk is unlikely t ...

Question-and-Answer SessionAjai BambawaleGroup Head & Chief Risk Officer Thanks for the question. So with the risk environment so heightened, Brian, I mean, there's naturally more than one thing that's top of mind for me, but let me call out the top 3. The first is geopolitical risk, okay? The landscape, as you know, is turbulent, and it's characterized by things like deglobalization, trade protectionism, the ongoing conflicts, the strained relations. And the way I'm looking at it is this risk is unlikely t ...