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TD begins layoffs in Canada, United States

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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

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5 Comments

  • William White says:

    What cha gonna do with all your money, buy some CEO’s a new yacht? You guys are just so rotten I can smell you from here.

  • David Chura says:

    Who was it that bailed out the banks the last time there was a recession? The public, or those who were or were not working for a living. (Those who haven’t got)
    Now they want more profits so they layoff those who paid them to keep their doors open,
    I wonder how much profit they actually took in and shared secretly with the CEO’s ?
    The irony is they probably could keep a few people on board so they don’t go without – NO CEO’s come first !

  • Ronald Johns says:

    yes,it’s time to layoff thousands starting with a few hundred in order to keep making a billion every quarter.
    Say good morning to your robot overlord.

  • Brad says:

    TD is the worst bank – money hungry don’t support them

  • Mark says:

    TD is a wonderful bank and these changes will help them stay efficient. Also this article doesn’t mention that a lot of these employees were rehired into other positions.