TD Bank to axe around 3k employees from its global workforce

TD Bank is planning to lay off about 3 per cent of its global workforce.

Canada's second-largest bank confirmed the cuts in an email to media on Thursday.

"We are undertaking a restructuring program to streamline, deliver efficiencies, and create capacity to invest in future growth," said a TD Bank spokesperson.

"We expect a 3 per cent reduction in our global workforce and will achieve this in part through attrition and by redeploying talent to open positions wherever possible to minimize the impact to people."

The company has about 95,000 employees around the world, making 3 per cent in cuts equal close to 3,000 employees.

TD Bank did not specify how many Canadian jobs would be affected, nor did it confirm when the layoffs would happen.

This announcement comes alongside its 2023 fourth-quarter financial results, which saw profits that missed analysts' expectations.

The bank says it accrued $363 million in restructuring charges, "primarily relate to employee severance and other personnel-related costs."

It expects to record more restructuring charges of a similar magnitude in the first half of 2024.

TD Bank isn't the only financial institution that has announced layoffs.

In October, Scotiabank announced significant cuts to its global workforce today, noting that about 3 per cent of its staff will be let go.