TD hires bankers from rivals including JPMorgan, Goldman to expand debt and equity capital market teams

Signage is displayed outside a TD in New York, New York, US.

TD Bank has recruited half a dozen senior bankers in New York from top North American banks to boost its debt and equity capital market businesses, senior executives told Reuters.

TD Securities, the bank’s capital markets division, has added six managing directors from JPMorgan Chase, Royal Bank of Canada, Goldman Sachs, Bank of Montreal and Bank of Nova Scotia to oversee leveraged finance, private credit, and debt capital markets, Grant Miller, TD’s head of global capital markets, said in an interview.

“We have every opportunity to effectively compete in every industry... we were looking to find areas that we need to continue to bolster external talent to go after those opportunities,” Miller said.

The new hires, who joined between Oct. 31 of last year and this month, are focused on areas such as financial institutions, including regional banks and insurance, natural resources, technology and infrastructure, said Christopher Gerry, head of global debt capital markets.

They will cater to growth industries, including financing data centers, he added.

“There is a tremendous financing opportunity ... And we want to make sure that we are positioned to provide the best advice to our clients and capitalize on the opportunity that’s presented by the quantum of capital that needs to be raised,” Gerry said.

The new hires include Mark Trudell, who joined from BMO to lead industrials coverage for leveraged finance and private credit and ex-JP Morgan banker Nadine Yang to run TD’s U.S. equity capital market coverage of technology.

In debt capital markets, Sean McCarty joined from Scotiabank to lead U.S. coverage of energy companies, Catherine Awong came from RBC to jointly manage the U.S. financial institutions DCM practice alongside Tom Healy, who came from Goldman Sachs. Anthony Ragozino joined in October from RBC to lead TD’s regulatory advisory and capital solutions team.

TD is Canada’s second-largest lender. CEO Raymond Chun is targeting fee-based business to boost the company’s profits after a tumultuous year for the lender, in which its U.S. personal banking business was fined for anti-money-laundering failures.

The bank significantly boosted its capital market business after its $1.3 billion acquisition of U.S. investment firm Cowen in 2023.

(Reporting by Nivedita Balu in Toronto and Saeed Azhar in New York, editing by Lananh Nguyen and Nia Williams)