Reorganization: TD Bank lays off 2 percent of its workforce

 

 

TD Bank Group announced that it is laying off 2 percent of its workforce to cut costs under new leadership. According to last year's figures, the company had about 101,800 employees. Of these, the decision is to lay off more than 2,000 employees. In addition, the bank has announced a reorganization that will save up to $ 650 million annually, including business closures and exits.

TD Bank announced that it has achieved record revenue this year. In the first three months of 2025, it reported revenue of $ 2.13 billion, up 16 percent. The quarterly earnings report also said that this was a 10 percent increase from a year ago.

TD Bank Executive Raymond Chun said that the gain was due to an increase in trading-related income and underwriting fees, including the sale of the remaining equity investment in American financial services firm Charles Schwab.