TD shrinks bond business, cuts London jobs
TD Securities is cutting three fixed income positions in its London office as part of plans to scale back its global non-core currency bond business. Pierre Molyneux, head of international fixed income trading, Darren Cartwright, one of the floor’s three dollar traders, and Rupert Greenhill, an origination and syndication associate left the bank last week.
TD is reducing its activity in emerging markets underwriting and rates trading, but not fully withdrawing from the business, a spokesman said. Alongside RBC Capital Markets, it has been one of the biggest lead managers of non-core dollar and niche currency bonds in recent years.
While the EM business
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