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TD Bank cuts staff

Toronto-Dominion Bank has started laying off staff in Canada and the United States as part of a company-wide initiative to cut costs. According to news reports, the bank, Canada’s biggest lender by assets, started the process by hiring Boston Consulting Group to examine ways to drive efficiencies and following the review, the informed employees of the job cuts, with a further wave of job losses expected soon. The cuts are in both its major divisions, retail and wholesale, and include investment banking and support staff. The bank would not confirm how many people are affected by the review, which began in the first quarter of the year with a focus on the lender’s U.S. operations. According to the reports, the bank was laying off several hundred employees stretching all the way to heads of departments.

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