TD Bank Cuts Jobs as Quarterly Results Reflect a Gloomy Economic Picture

TD Bank Cuts Jobs as Quarterly Results Reflect a Gloomy Economic Picture
Toronto-Dominion Bank signage is pictured in Ottawa on Sept. 7, 2022. The Canadian Press/Sean Kilpatrick
The Canadian Press
Updated:
0:00

TD Bank Group said it’s cutting three percent of staff and setting more money aside for souring loans as it reported fourth quarter results that reflect a deteriorating economic picture.

The bank said on Nov. 30 that the cuts, which amount to around 3,100 employees based on its third quarter employee total, will contribute to a $363-million restructuring charge this quarter, and a similar cost in the first half of next year.