Vault’s Verdict

TD Securities is ideally looking for intelligent, curious, motivated team players who are unafraid to ask questions and are a cultural fit. For students, TDS runs a valuable internship program. Interns are treated like first-year analysts and get a lot of live deal experience and exposure to senior bankers. TDS also offers many networking opportunities to interns, allowing them to connect with one another. For its full-time junior bankers, TDS offers extensive growth opportunities, including significant deal experience, great internal mobility options, and merit-based promotions.

Work/life balance can be achieved at TDS, which focuses on providing a good quality of life for its junior bankers. Professionals are encouraged to use all their PTO and able to fully disconnect while on PTO. They’re also able to take advantage of protected Saturdays and the occasional WFH day to take care of personal responsibilities and appointments. As for compensation, insiders say it could be better. Salaries and bonuses are said to be slightly below market, while insiders are split on benefits—some say perk and benefit offerings are sufficient, while others say they could be better. 

Recently, TDS has been focusing on D&I and has put significant resources behind its employee resource groups. While this has translated into some improvements in diversity at the analyst and associate levels, there is still little diversity at the senior levels. With respect to TDS’s business outlook, with the integration of Cowen now complete, the firm is poised to grow and increase market share, employee morale is high, and senior leadership is strong and has the confidence of the wider TDS team. 

EMPLOYEE REVIEWS

Hiring Process

“Ideally looking for intelligent, passionate team players with a curiosity for banking and the ability to walk through their thought process.”

“We want a self-starter who is motivated and won’t need to be dragged along. We need people who aren’t afraid to ask questions.”

“The ideal candidate that the firm is seeking is someone who goes above and beyond academics.”

“We are much more focused on fit. We know we can train anyone in technicals but can't train ‘good’ bankers as easily.”

Interview Questions

“Fairly standard interview process.”

“Standard technicals such as depreciation through financial statements as well as nuanced industry-specific questions and knowledge of the market questions.”

“Very industry specific technical questions and finance questions, even for entry-level jobs.”

“Where do you see inflation going in the next few months? What is your view on Fed policy?”

Intern Experience

“Great work/life balance during the internship, as TDS wanted the interns to be able to enjoy New York City. We were able to get some valuable experience on live deals as well as some internal projects, allowing us to have high amounts of exposure to senior bankers. TDS also hosted many fun events for the interns.”

“I felt like I got a wide variety of different experiences at the firm through the rotational program. Another part that was my favorite was that they encouraged my internship class to bond rather than compete with each other. As for negatives, I would say it was difficult to connect with an assigned mentor during the internship. But now I have a lot of different mentors—so that has been resolved.”

“Interns are treated as first-year analysts, meaning I was able to work on live deals from day one and run many of the processes entirely myself. I got an unparalleled experience. It was quite a heavy workload, especially for an intern. “

“Accessibility to senior people and giving me a sense of the day-to-day work were the best part. Pay could’ve been better.”

Career Development

“TDS is very good about allowing employees to switch into other groups if they are unsatisfied with the group they originally joined. Additionally, I feel that TDS is good when it comes to promotion policy.”

“Phenomenal promotion schedule, with talented employees able to fast-track. I have seen several examples of internal mobility within the last year. Our group holds ourselves to extremely high standards post-integration with former Credit Suisse employees.”

“Through nearly three years at the firm, I have been in three different roles that have been offered to me. All of these were interesting opportunities and led to strong career development opportunities and unique roles that I don’t believe would have been offered at other firms this early in my career.”

“Very open to internal transfers. TDS really wants to develop internal talent and makes every effort to give people the possibility to grow. Promotion is merit-based and not too difficult.”

Quality of Life

“Great work/life balance. Encouragement to use all vacation and take well-needed breaks. Occasional work from home remains to help with managing family responsibilities, medical appointments, etc.”

“Very open to giving people the time they need for personal commitments. There is a lot of focus on promoting a collaborative culture and protecting the junior bankers.”

“TDS is good about using PTO and, when you are on PTO, allowing you to actually be on vacation/away from your computer. Additionally, I have not had many weeks where I am working crazy hours.”

“Our protected Saturdays are actually protected. You don’t even have to reply to direct messages if you don’t want to. However, vacations can and sometimes do get blown up if deal work or a pitch comes up.”

Salary and Benefits

“Salary and bonus could be more competitive. Benefits are generally good, especially the 401(k).”

“Both base and variable compensation are below market. Have had better benefits (including healthcare insurance) at other banks. Not a lot of perks when it comes to free meals/employee discounts.”

“Health and benefit plans are fairly comprehensive. Vacation days are plentiful. However, they pay below market for high performers. It’s more rangebound, and performance is not differentiated enough between teams, businesses, and individuals.”

“I like the salary for a first-year associate, but the bonus seems a bit low and it is not clear how bonuses are awarded to each employee. The benefits package should be improved—more matching percentage bonus on the 401(k), more vacation days, and adding a bit of stock compensation (every now and then).”

Wellness Efforts

“There are some programs offered through the benefit website, but there is not a lot of internal promotion on exercising, meditation or nutrition.”

“I think the firm could do a better job promoting wellness and subsidizing the cost of a gym membership in NYC.”

“We have partnerships with many gyms that allow us to get discounts on memberships and workout classes, which is great.”

“Counseling initiatives, a focus on protected Friday evenings and Saturdays for new staff, lots of snacks in the office.”

Diversity and ESG Initiatives

“The firm has a big focus on diversity and inclusion and has put in significant resources behind the employee networks around these areas. There are big efforts around mentorship, recruiting, and retaining diverse talent, although with the recent integration, these have taken a bit of a lower priority and bandwidth for management.”

“Good quality affinity groups and events, but no training to help diverse groups with increasing their skillsets and visibility with management.”

“Women are still underrepresented in senior leadership. They are making improvements in the analyst and associate level, though.”

“As a female and diverse individual, I feel respected and supported.”

Business Outlook

“With the integration with Cowen behind us, TD Securities is now poised to grow and take up market share. We have built out the teams in the key areas of strength and are at a pivotal point where we will be in growth mode for the near future. Our balance sheet strength and commitment from the bank will also be a key differentiator.”

“Legacy Cowen leadership is excellent. Lots of movement in TD and TD Securities’ upper ranks lately with little communication.”

“Employee morale is great. We have new leaders that were recently put in place and I believe we will continue to grow our franchise in the U.S. and Canada.”

“Senior managers are friendly and willing to answer any questions from the junior level, boosting confidence in the firm. I’m optimistic that new leadership will get us back on course.”