Toronto-Dominion Bank plans to name executives from Cowen Inc. co-heads of its global-markets and investment-banking businesses, pairing them up with current company leaders, when it acquires the American firm next year.
Toronto-Dominion CEO Bharat Masrani said last week at a conference that Cowen’s leaders would have a “meaningful and large role” at the bank after the acquisition closes because much of the value of the deal is in the firm’s personnel. The US$1.3 billion Cowen takeover, announced last month, bulks up Toronto-Dominion’s presence in American capital markets, where it has a smaller presence than some rivals.
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