TD Bank Layoffs and Return-to-Office Changes
Toronto-Dominion Bank (TD) is laying off staff and adjusting its return-to-office schedule as part of its cost-cutting efforts.
In May, the bank announced a 2% reduction in its workforce due to severe U.S. anti-money-laundering penalties.
- Job losses affect multiple divisions, including direct investing, risk management, and corporate functions.
The bank has been identifying opportunities to expand its businesses after U.S. regulators and law enforcement levied severe and costly penalties over the bank’s anti-money-laundering deficiencies.
The changes aim to address remediation efforts stemming from TD's anti-money-laundering failings.
Author's summary: TD Bank reduces workforce by 2% due to anti-money-laundering penalties.
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