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

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. “This is a part of a broader restructuring program to streamline, and deliver efficiencies for the bank and then help create capacity to invest in future growth,” said chief financial officer Kelvin Tran in an interview....