What happens to the Execs at Cowen in recent transaction?
Do the high performing MD's stay at TD? and I have also been seeing TD bringing in many new MD's throughout, what do you think the reason for this is?
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This transaction was really looking to bring in people - hard to build a large US IB franchise from scratch, so you have to buy one. Vast vast majority of MDs will stay, there may be a few really underperforming MDs who will be paid to leave but it's not a cost-cutting transaction. Same answer for bringing in new MDs... they are trying to grow their American franchise
Only notable execs who might leave are C-suite who don't have a place at TD - i.e. you don't need two CFOs. These types are often given large payments to retire
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