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TD Bank Cutting 2% of Workforce as Part of Restructuring Effort
- TD Bank announced on Thursday, May 22, 2025, that it will cut about 2% of its workforce, approximately 2,000 employees, as part of a restructuring effort based in Toronto.
- This restructuring comes after TD's resolution of its money laundering compliance issues in the U.S. And the appointment of Raymond Chun as CEO, who began a strategic review in February aimed at streamlining the bank's operations.
- The bank is winding down its U.S. Point-of-sale financing business, optimizing real estate, writing off assets, and aims to refocus spending on scaling digital, AI, and its core businesses.
- TD plans to record pre-tax restructuring expenses totaling between CAD 600 million and 700 million over multiple quarters, with anticipated annual savings near CAD 600 million, CFO Kelvin Tran stated, aiming to redirect these savings toward technology enhancements and efficiency improvements.
- The layoffs and restructuring aim to reduce costs and drive innovation despite economic uncertainty, with analysts viewing the program positively while TD reported a second-quarter profit of C$11.1 billion boosted by asset sales.
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TD Bank Cutting 2% of Workforce as Part of Restructuring Effort
TD Bank Group said Thursday that it’s cutting about two percent of its workforce in an aim to save around $600 million a year as part of a restructuring it started in the second quarter. The bank announced the reduction as it reported a second-quarter profit of $11.1 billion. The cuts would amount to around 2,000 employees, based on the bank’s roughly 101,759 full-time equivalent employees for fiscal 2024. Earnings were significantly boosted by …
·New York, United States
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