TD Bank has announced plans to lay off approximately 2% of its workforce—around 2,000 employees—as part of a broad restructuring initiative focused on digital transformation and artificial intelligence. The cost-cutting measure is expected to save the bank up to C$650 million annually. While the specific departments or geographic locations affected have not been disclosed, the move signals a major shift in strategy under new CEO Ray Chun.
The layoffs come on the heels of a $3 billion anti-money laundering settlement in the United States, a scandal that led to the resignation of former CEO Bharat Masrani earlier this year. Chun, who took over leadership in February, is now steering the bank through a significant period of operational reform.
“We are structurally reducing costs across the bank by taking a disciplined look at our operations and processes,” Chun said. “We are identifying opportunities to innovate, to drive efficiencies and operational excellence.”
The restructuring initiative underscores TD’s commitment to long-term modernization through automation and AI, aligning its infrastructure to better serve customers and compete in an increasingly digital financial environment.