TD Bank cutting 2% of workforce as part of restructuring efforts

TD Bank Group said Thursday that it is cutting around 2 per cent of its workforce as the bank works to reduce costs and refocus spending under new leadership.

The Toronto-Dominion Bank made the announcement as it reported a second-quarter profit of $1.1 billion, as earnings included an $8.6 billion after-tax boost from the sale of its shares in the Charles Schwab Corp.

The bank said in the announcement that it initiated a new restructuring program in the second quarter of this year, to “reduce its cost base and achieve greater efficiency.”

It also reads that the bank expects to take total restructuring charges of $600 million to $700 million pre-tax over the next several quarters.

The bank said the restructuring should lead to – fully realized – annual pre-tax savings of $550 million to $650 million when complete.

The job cuts amount to a bit over 2,000 employees, based on the near 101,800 employees it had last year.

With files from the Canadian Press.

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