Ryan Bushell discusses TD Bank
Toronto-Dominion Bank plans to name executives from Cowen Inc. co-heads of its global-markets and investment-banking businesses, pairing them up with current company leaders, when it acquires the American firm next year.
Cowen Co-President Larry Wieseneck will lead the investment-banking unit alongside Tim Wiggan, currently co-head of TD Securities’ global-markets business, according to a memo Wednesday from TD Securities Chief Executive Officer Riaz Ahmed. Cowen Co-President Dan Charney will lead the markets unit, teaming up with Chris Vogel, who’s currently co-leading the business, Ahmed said.
Toronto-Dominion CEO Bharat Masrani said last week at a conference that Cowen’s leaders would have a “meaningful and large role” at the bank after the acquisition closes because much of the value of the deal is in the firm’s personnel. The US$1.3 billion Cowen takeover, announced last month, bulks up Toronto-Dominion’s presence in American capital markets, where it has a smaller presence than some rivals.
Toronto-Dominion said when it announced the acquisition that Cowen Chair and CEO Jeffrey Solomon would lead parts of the combined business, which will be known as TD Cowen, and report to Ahmed. His official title will be president of TD Cowen, according to Wednesday’s memo, which was reported on earlier by the Globe and Mail.
Robbie Pryde, head of corporate and investment banking for TD Securities, is leaving the firm to pursue a new venture, Ahmed said in a memo last week.
The Cowen acquisition is expected to close in the first quarter of 2023. Toronto-Dominion said in February that it would also buy First Horizon Corp. for US$13.4 billion to expand its retail footprint in the US Southeast.