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(Bloomberg) — Toronto-Dominion Bank’s Jason Wen, head of US investment-grade credit sales and trading, will be leaving the firm in the next several months as part of job cuts following a shakeup at the top of the firm’s global-markets unit, according to people with knowledge of the matter.
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The staff reductions in the company’s New York office are in fixed-income sales and trading, the people said, asking not to be identified discussing confidential information.
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A representative for the Toronto-based bank declined to comment.
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Toronto-Dominion said last week that Chris Vogel, co-head of global markets, will be leaving the firm later this year. Fellow co-head Dan Charney, whose background is in equities and who arrived at the bank when it acquired Cowen Inc., is assuming sole control of the division, Toronto-Dominion said. Vogel is a fixed-income specialist.
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Wen, a managing director, joined Toronto-Dominion in New York in 2023 after more than 17 years as a credit trader with JPMorgan Chase & Co., according to his LinkedIn profile. He was part of a series of hires at the time as TD looked to expand its reach in fixed income.
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Separately, Toronto-Dominion has seen several defections at its Canadian fixed-income division this year, with top bankers leaving for firms including Royal Bank of Canada and Bank of Montreal. In January, Jason Cope, who was Toronto-Dominion’s head of global fixed income, left the firm to join Polar Asset Management Partners Inc.
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Toronto-Dominion faces a regulatory limit on expanding its US retail division after reaching a historic $3.1 billion settlement with authorities over its failure to catch money laundering. But it’s not constrained from growing its US capital-markets operations, and Chief Executive Officer Raymond Chun — who took the reins in February in the wake of the scandal — has identified that business as one key area for growth, saying its investment bank is “undersized.”
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—With assistance from Sridhar Natarajan.
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English (US)