TD Securities to axe up to 75 staff

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TD Securities, the investment banking arm of Toronto Dominion, is to cut up to 75 staff as it shuts down derivatives units in London and Tokyo.

TD Securities plans to centralise all of its exotic equity products and structured credit trading businesses in Canada in a move designed to increase profitability.

The bank will continue to run its vanilla equity options and vanilla credit trading businesses in London, but all UK-based staff on the structured and exotic teams are expected to go.

A spokesman for the Canadian bank said that it was not yet clear how many people would lose their jobs in the restructuring, but that departures would be finalised within the coming month.

He said: "The decision was based on the appraisal of our ability to achieve scale in the marketplace, our appetite for risk and profitability objectives."

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