A building with a TD Canada Trust sign in Toronto’s financial district, July 24, 2012.Deborah Baic/The Globe and Mail
One of the top executives at Toronto-Dominion Bank's securities division has decided to leave the bank, with his departure coming almost five years after rejoining the firm in a revamp designed to reduce risk.
Mark Faircloth will leave the bank, where he is head of the foreign exchange and interest rates business on April 30, a spokesman for the bank confirmed. He will be replaced by Moti Jungreis, who will assume the title of vice chair and head of global rates and foreign exchange.
Mr. Faircloth was on a return trip to TD. He left in 2003 to start an asset management business, but then was brought back to the bank in 2008 after the financial crisis hit and TD ran into trading troubles.
He rejoined the bank to run the interest rates and foreign exchange trading department shortly after the bank reported a $350-million loss on trading in fixed income – though the bank did not confirm at the time that the events were related. When he joined, TD altered the management structure of its securities arm to split the business into three lines. Mr. Faircloth took rates and currencies, Robbie Pryde got equities and derivatives, and Patrick Meneley investment banking.
Since the restructuring, TD has steadily improved its profits and avoided any large pitfalls.
Prior to his first run at TD, Mr. Faircloth was at independent dealer Richardson Greenshields (now part of Royal Bank). He then moved to RBC, then on to CT Securities as chief executive officer. CT was acquired by TD in 1999, and he stayed until 2003, when left to help found FairLane Asset Management.
Mr. Jungreis is currently managing director of global rates and foreign exchange. According to his biography, he oversees global foreign exchange, international fixed income, short term interest rates trading, precious metals, energy and cross-asset trading. He has been with the bank since 1996. Before that he was a lieutenant in the Israel Defense Forces.
Mr. Jungreis is now based in London, England, and will relocate to Toronto for his new job.
(Boyd Erman is a Globe and Mail Reporter & Streetwise Columnist.)
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