TD shifts Wiggan to wealth unit as Rhodes exit spurs shakeup

Toronto-Dominion Bank tapped investment banking co-head Tim Wiggan to run its wealth management operation as part of changes prompted by the departure of the firm's Canadian personal banking chief.

Wiggan is taking the place of Ray Chun, who will run the Canadian personal banking division, taking over from Michael Rhodes, according to a statement Monday. Rhodes will become CEO of Discover Financial Services, the Riverwoods, Illinois-based credit card company said in a separate statement later Monday.

Rhodes had been with Toronto-Dominion since 2011 and led its domestic personal banking division since 2021, when he took over the high-profile role from Teri Currie, who had been seen as a potential CEO candidate until her retirement.

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Wiggan joined Toronto-Dominion in 2000 when it bought Newcrest Capital and also managed its large asset management business for a number of years, before moving back to TD Securities in 2017, according to his LinkedIn profile.

"Tim has demonstrated his ability to grow both our wealth and capital-markets businesses and to develop long-term trusted relationships with our clients," Toronto-Dominion CEO Bharat Masrani said in the statement.

The bank's other co-head of investment banking is Larry Wieseneck, who joined as part Toronto-Dominion's acquisition of Cowen earlier this year.