TD Securities or Santander for IB? (Trajectory)
As the title explains, I'm curious to know what everyone thinks about the two banks in terms of trajectory in the US? Is TD growing? Is Santander on the rise after CS seniors joining the firm?
TD acquiring a legitimate boutique > Santander bringing in a couple MDs whose clients may or may not follow to a very different bank
All other things equal, TD is an easy choice
Full firm acquisitions can often be much more costly and less useful than say what Barclays did with Lehman in ‘08 though
Very few boutiques are actually doing $500m-$1bn deals consistently but MDs from CS can.
I’ve heard TD has a strong rep in the states but have never heard of them on a relevant deal in the UK or Europe
Cowen was pretty strong in the US, and that deal was small ($1B, essentially all employees retained). Nowhere near comparable to Lehman '08, UBS/CS is more comparable and a shitshow right now but the Cowen thing was very clean.
not sure why UK/Europe is relevant, Santander is of course stronger there being an EU bank but if you are in the US you should choose the stronger bank in the US
The point was the type of expansion Santander is doing via CS is similar to that of Barc through Lehman and could be more effective than the acquisition of a boutique.
International presence does matter because a similar strategy seems to have been followed maybe 5 years ago across UK/Europe.
Would still say at the moment TD > Santander in the US though
This has to be a Santander analyst. This is the 4th post I see today about Santander. No, it’s not a good place, I have never seen their name pop up with the respect to any legitimate deal. Probably have a couple financing ones but don’t compare them to banks with strong presence in the US. If you are that insecure about the place where you work at, just spend a year and lateral. Jesus
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