Photos of the TD Securities trading floor in Toronto on April 3 2013.Fred Lum/The Globe and Mail
Toronto-Dominion Bank is sending a message that it is looking to grow in the U.S. by moving a senior executive from Toronto to run all the company's investment banking operations south of the border.
TD promoted Glenn Gibson to the position of vice-chairman and global head of credit origination, based in New York. Mr. Gibson, a 14-year veteran of the bank who currently holds the title of global head of credit capital markets at TD Securities, will relocate from Toronto to oversee TD's U.S. investment banking business.
Don't look for TD to embark on a big New York expansion, like that of Royal Bank of Canada, but do look for more people and capital to be devoted to the business in New York as the firm looks to capitalize on a time when clients are seeking credit and TD's balance sheet can be an asset. TD has huge capacity to lend, with a lot of funding from deposits in the U.S. thanks to the company's acquisition strategy. The more it lends to U.S. companies, the deeper it will be able to make relationships that can result in fees on other investment banking products down the road when clients need other services.
Mr. Gibson already oversees corporate lending in the U.S., but having him in New York will put him closer to clients and sends a clear signal about the bank's intentions to do more in that market.
Mr. Gibson replaces Brendan O'Halloran, who will remain a vice chairman, and who will focus on leading the bank's U.S. credit origination activities. Mr. O'Halloran will report to Mr. Gibson