Toronto-Dominion Bank TD-T has appointed new heads for fixed-income and equities, solidifying its leadership team after a number of departures.
In Toronto, Jason Ince has been named head of global fixed income, filling a hole created in January when the former head departed for an asset manager. Mr. Ince is a TD veteran and has been with the bank for two decades.
In New York, Rhys Brooks and Phil Cushman have been named co-heads of global equities. Both men joined TD in 2023 when the Canadian bank bought Cowen Inc. to expand its presence in U.S. capital markets.
As part of the changes, Paul Mutter, TD’s head of U.S. fixed income, is no longer with the bank. He joined TD in 2024.
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The new appointments offer clarity on TD’s leadership ranks after Tim Wiggan took over as the head of TD Securities in the fall of 2024.
In the year since, TD has shaken up the leadership team within global markets, which oversees all trading activity, including equities, fixed income, currencies and commodities. Previously, the group was run by co-heads, Dan Charney and Chris Vogel, but earlier this year Mr. Vogel departed.
Mr. Vogel joined TD in 2017 from BlackRock as head of global foreign exchange, and in 2021 he was named co-head of global markets alongside Mr. Wiggan.
Mr. Wiggan went on to become co-head of investment banking, and from there he was tapped to run TD’s wealth management arm. He moved back to TD Securities as its leader in the fall of 2024 after only 10 months, because the group’s former head, Riaz Ahmed, retired amid executive-level changes that included a new chief executive officer at the bank.
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TD’s global markets revenues hit $4-billion over the first three year quarters of fiscal 2025, rising 24 per cent over the same period a year prior.
The gains are partly fuelled by a rise in trading activity that stems from volatile markets. Corporate and investment banking revenues, by comparison, are flat relative to the same period in 2024.
“Five months ago, our global markets team was unified under a single vision and strategy,” Mr. Charney, TD’s now sole head of global markets, said in a statement.
“I’m proud of the progress that we have made since then to strengthen our position in the investment banking sector. The most recent updates to our leadership structure position us well to continue delivering value for our clients as the market continues to evolve.”
