As hundreds of TD Securities managing 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.
The event also marked the first time that TD Securities head Tim Wiggan outlined his vision and assembled his newly minted leadership team — notably Dan Charney, head of global markets, and Larry Wieseneck, who runs corporate and investment banking.
Both men are former Cowen executives with ambitions of building TD into a powerhouse that competes with Wall Street giants. But their ascension was taken as a sign by some Canadian employees that…
