Toronto-Dominion Bank (TD Bank) has started laying off employees in Canada and the US as part of a company-wide initiative to slash costs.
The process started following a review of the bank’s operations conducted by Boston Consulting Group, who recommended cost cutting measures.
The layoffs will affect the bank’s retail and wholesale divisions and will include investment banking as well as support staff.
The exact number of job cuts has not been disclosed yet, but according to media reports the bank will slash the jobs of several hundred employees ranging from consultants to department heads.
About half of TD’s municipal bond desk in New York is also expected to be laid off, the reports suggested.