TD begins layoffs in Canada, United States
TD Bank has begun a massive round of layoffs in Canada and the United States.
The move comes after Boston Consulting Group reviewed the company’s operations and suggested cost-cutting measures.
Staff were notified two weeks ago and the layoffs began immediately, with another round to continue next week.
Reports say the bank plans to cut several hundred positions ranging from consultants to department heads by the end of the year.
The bank recently expanded into the American market where it is now in the top 10.
Bharat Masrani, who was named CEO a year ago, plans to expand that share over 2016 through acquisitions.
TD Bank is the largest lender in Canada by assets and is looking for efficiency the economy struggles along.
A spokesperson for TD was not immediately available.
-ANDREW McCREA, MyToba.ca