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2025 Key Financial Services Trends: The Road to Growth

Jan. 28, 2025

Guests: Jim Spencer, Managing Director, Head of Global Financial Institutions, Investment Banking, TD Securities and Mahsa Afghahi, Managing Director, Head of Financial Institutions – Canada, TD Securities

Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities

In this episode, we delve into the emerging trends shaping the future of financial services across North America. Jim Spencer and Mahsa Afghahi share their insights with host, Peter Haynes, on key developments impacting the industry – from the latest innovations in asset management and evolving market dynamics to strategic mergers and acquisitions driving transformation.

Join us for an in-depth conversation on how these trends are reshaping the financial landscape, their implications for investors, and how institutions are adapting to stay ahead in a rapidly changing market.

Listen to additional episodes for more perspectives from a variety of thought leaders on key themes influencing markets, industries and the global economy today.

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This podcast was originally recorded on January 16, 2025.

Full transcript to come.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Portrait of Jim Spencer

Managing Director and Co-Head, Global Financial Institutions, Investment Banking, TD Securities

Portrait of Jim Spencer

Jim Spencer
Managing Director and Co-Head, Global Financial Institutions, Investment Banking, TD Securities

Portrait of Jim Spencer

Jim Spencer
Managing Director and Co-Head, Global Financial Institutions, Investment Banking, TD Securities

Jim joined TD Cowen in September of 2023 to build out the U.S. Financial Institutions practice and co-head the Global Financial Institutions (FIG) franchise. Previously, Jim was Vice Chairman and Head of Americas for FIG at Credit Suisse since 2014, where he served on the managing director promotion and investment banking finance committees. Jim graduated cum laude from Texas Christian University in 1989 with a BBA degree. In 1998, he received his MBA from the University of Virginia’s Darden Graduate School of Business Administration and began his investment banking career.

Portrait of Mahsa Afghahi

Managing Director, Head of Financial Institutions – Canada, TD Securities

Portrait of Mahsa Afghahi

Mahsa Afghahi
Managing Director, Head of Financial Institutions – Canada, TD Securities

Portrait of Mahsa Afghahi

Mahsa Afghahi
Managing Director, Head of Financial Institutions – Canada, TD Securities

Mahsa is Managing Director and Head of Financial Institutions – Canada in Investment Banking at TD Securities. She has more than 18 years of corporate advisory and strategy consulting experience. Mahsa started her career as a strategy consultant with IBM's Global Business Services group where she worked for 4 years. She switched her career path into investment banking in 2010 and has more than 14 years of experience as an investment banker all of which have been spent at TD Securities. She holds a BASc in Industrial Engineering and a Master of Engineering from the University of Toronto as well as an MBA from the Rotman School of Management.

Photo of Peter Haynes

Managing Director and Head of Index and Market Structure Research, TD Securities

Photo of Peter Haynes

Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Photo of Peter Haynes

Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.

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