The Toronto-Dominion Bank (NYSE:TD) on Thursday announced cutting its workforce by 2%, affecting roughly 2,000 jobs, as part of its restructuring program aimed at reducing costs and enhancing efficiency.
The Bank expects the program to deliver approximately C$100 million in pre-tax savings in fiscal 2025 and up to C$650 million in annual savings beyond that. The Toronto-Dominion Bank anticipates incurring between C$600 million and C$700 million in total restructuring charges over the next several quarters.
The strategic review follows the Bank’s $3.1 billion anti-money laundering settlement last year with authorities in the U.S., which led to several changes in the company’s executive leadership. The Toronto-Dominion Bank did not specify if the job cuts would predominantly affect employees in the United States or Canada.
Earlier in the day, The Toronto-Dominion Bank also reported earnings for the second quarter of fiscal 2025 that topped analysts’ estimates, driven by robust trading and fee income, and growth in deposits and loans in Canadian Personal and Commercial Banking.
The Toronto-Dominion Bank’s shares closed 3.35% higher on Thursday in response to these developments.
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