TD layoffs
Hearing TD Ibank laid off ~50 people across US and Canada. Anyone have more details? Is this the first of Canadian banks to do mass layoffs?
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Bump
bump
Bmo already did some. Not sure about others
Anyone know which groups in Toronto?
All Canadian banks have had layoffs
RBC also had layoffs
Anyone know how many from BMO and RBC? Heard a few md were let go at RBC.
There was a whole thread describing the BMO layoffs - would’ve been in July I believe
Which teams are affected? Seems like M&A was hit from what I saw on LinkedIn.
Td acquired cowen so layoffs was always gonna be there for ‘synergies’
agree
do you guys know if there will be another round?
cowen IB post merger was hit at TD
In the us?
Yes. M&A, for one.
Bump
Few months ago, my friend in a buy side fund said TD was working for them for free just to keep appearing busy.
Not surprised by the news.
What is Cowen pay like for an and aso?
Cowen doesn’t exist bro
neither does CS if you missed the news on that as well
Been wondering this as well, is it just TDs m&a team now?
Hearing about more layoffs firmwide. Is there any truth to this? If so, what positions, groups, etc.
I wouldn’t be surprised. Lots of people in the Canadian office were let go.
Lots of new middle market M&A Cowen is gone. There is nobody left from its acquisitions of Quarton and MHT. Still have plenty on the capital markets side and some large cap M&A bankers and product teams.
bump
Had a friend laid off last week - there's probably a second round of layoffs coming
Can or US?
Bro answer
Relax. US office - couple people were silently let go, no firm wide announcements or anything
Sounds like that’s not really a lay off but bottom performers being cut. Happens everyday.
Sounds like an analyst at TD/Cowen is pretty worried about getting laid off judging by all your comments. Try and avoid being bottom bucket next time.
bump
Numbers seem to suggest TD was one of the best payers this year. Why would they shell out massive payouts just before laying off people. Makes no sense.
His buddy got “fired” not laid off that’s why.
To avoid pissing off the bankers that weren’t happy about the transaction. There was quite a bit of pushback once it was announced. If you’re comparing their bonuses to the rest of the street, then yeah the numbers look good. But if you haven’t noticed, most bonuses have been terrible this year with the exception of EBs.
Lay off happened in Nov 2023 and now happening again in March 2024. Bump.
An analyst friend at the firm said a few juniors got laid off this week, certainly not performance issues. He said expect more coming in next few days or weeks
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