Culture Issues at TD Securities? Thought was #1 Culture Bank
https://www.theglobeandmail.com/business/article-…
Anyone know more details about the culture issues here?
Two senior investment bankers unexpectedly left TD Securities Inc. on May 31 amid concerns about stress and workload on the team they led, sources told The Globe and Mail.
According to an internal memo obtained by The Globe, Sanjay Nakra and Steve Dumanski, who co-led the Diversified Industries Group (DIG) at TD Securities, left the bank in May.
The memo said Alan Polak, who joined TD Securities in 2015, will replace them as the head of DIG, which works with clients in sectors such as construction, engineering and consumer packaged goods. Mr. Polak has led the Financial Sponsors group at the bank since 2018, which serves pension funds and private equity funds. A source at TD Securities said groups typically have 10 to 12 team members.
It is still a #1 culture bank. The article is literally quoting a move they made to correct bad culture that was arising.
The fact that they're willing to can two tenured MDs due to culture issues tells you that culture is a big deal for them.
It's actually amazing to see a bank getting rid of two toxic MDs rather than losing half the junior team RBC-style (Calgary I'm looking at you!).
Would be curious to know what actually occured.
nothing specific, same old shit. straw that broke the camel's back.
Group with really good deal flow combined with above average intensity MDs. TD is very focused on their culture and retaining talent so they took action and got rid of the bad apples. Will be interesting to know where they end up, have heard they are rainmakers.
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