Toronto-Dominion Bank is speeding up promotion opportunities for junior investment bankers to retain young talent in what it describes as “an increasingly competitive environment across North America.”
The bank’s TD Securities unit will make analysts eligible for a promotion to associate after two years instead of three, according to an internal memo distributed Monday and confirmed by a bank representative.
“To continue to attract and retain exceptional new colleagues, we need to demonstrate leadership among our peers and commitment to the development of our people,” Vice Chair and Head of Corporate and Investment Banking Robbie Pryde wrote in the memo. “We must also ensure that TD is top of mind as an employer of choice among graduates.”
Banks are waging a war for talent in North American economies nearing full employment as they face increased competition from tech companies. Toronto-Dominion, Canada’s biggest bank by assets, joins foreign peers including Morgan Stanley, which earlier this year announced a similar measure as well as a raise for most associates, and Credit Suisse Group AG, which made changes several years ago.
To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.net
To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Chris Fournier
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