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]