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Based on the most helpful WSO content, TD Securities is consistently regarded as a top 2 Canadian bank alongside RBC, but it is still not a major player in the U.S. market. However, they are actively looking to grow their presence in the U.S. Their reputation for culture is notably strong, especially in their Toronto office, where juniors report better work-life balance (WLB) compared to other banks. The culture is described as considerate, with efforts to limit excessive hours and maintain job security even during downturns.

In terms of bonuses, TD is known for tight bonus ranges and being conservative with cuts during recessions. For example, during the 2008 financial crisis, they barely reduced headcount or bonuses. However, some analysts have expressed frustration that top performers may not see significantly higher bonuses compared to average performers, which could be a downside for those aiming to outperform.

Regarding deal flow, TD is not yet a major player in the U.S., but they are growing. In Canada, they are a strong player with solid deal flow. In NYC, their reputation is still developing, and they are not as competitive as mid-tier or bulge bracket banks yet.

Sources: TD Securities Culture??!, https://www.wallstreetoasis.com/forum/investment-banking/db-nyc-vs-guggenheim-nyc-vs-rbc-nyc-ma-vs-tph-pwp-houston-for-2019-sa-ft?customgpt=1, TD Securities IB 2020, KBW thoughts, Notorious Investment Banking Groups and War Stories

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