TD Bank Lays Off Canada, US Staff After Review

Toronto-Dominion Bank has shifted the focus of company-wide restructuring to its Canadian retail banking and wholesale businesses as the nation’s largest lender reorganizes management in a continuing effort to cut costs. The bank recently expanded into the American market where it is now in the top 10.

A TD spokeswoman said the review is now focused on the bank’s Canadian operations. Following the review, TD informed employees of the job cuts last week and this week, with a further wave of job losses expected next week.

Close to 50% of the municipal bond office of TD in New York were to be laid off, said another separate source familiar with the New York office.

The exact number of layoffs was unknown, but it was estimated to be several hundred and including heads of different departments. The review started in the bank’s fiscal first quarter and was primarily focused on its USA businesses.

“As a result of the review, some roles are changing and some are being impacted”, the bank said in an email Monday.

Chief executive Bharat Masrani told analysts in February that the bank is “streamlining” its executive and corporate management structures, digitizing some of its processes and cutting back on discretionary spending.