MINT·2025-09-30 02:14Core 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 new US focus of the firm [2][4] - TD Securities aims to improve its adjusted return on equity to about 13% by fiscal 2029, up from approximately 9% last year [5] Company Strategy - TD Securities is structured to be global, with a focus on integrating Cowen's operations to enhance competitiveness against Wall Street giants [5][21] - The firm is actively building a prime-brokerage business and has launched a convertible-equity business, which it claims would have been challenging without the Cowen acquisition [16] - Plans are in place to achieve C$500 million to C$600 million in annual cost savings through automation and enhanced productivity [19] Employee Dynamics - There are concerns regarding pay disparities between Canadian and US employees, with some Canadian managers earning less than their US counterparts [10][12] - Employee morale has been affected by job cuts and perceived neglect of the Canadian business, despite claims of improved satisfaction in recent internal surveys [12][20] - The firm is attracting talent from other major banks, with new hires drawn by the growth story presented by TD's leadership [7][8] Market Position - TD Securities has seen revenue exceed C$2 billion in each of the past three quarters, indicating strong performance in capital markets [5] - The firm has made significant strides in automated trading, becoming the top municipal-bond dealer in the US [17] - Despite challenges, TD has recovered its position in the Canadian fixed-income market after a period of decline [15]