10/19/2015 08:49 EDT | Updated 10/19/2015 12:59 EDT

TD Bank Lays Off Canada, U.S. Staff After Review: Sources


Toronto-Dominion Bank is eliminating some jobs and changing others as part of a company-wide review to trim costs amid a challenging operating environment.

The bank (TSX:TD) would not confirm how many people are affected by the review, which began in the first quarter of the year with a focus on the lender's U.S. operations.

A TD spokeswoman said the review is now focused on the bank's Canadian operations.

The bank's statement was responding to a report by the Reuters on Sunday that said TD employees were informed of job cuts last week.

One of two unidentified sources quoted by the news agency said several hundred employees were being laid off.

The review, which has the lender revising its executive and corporate management structure, is expected to be completed by the end of 2015.

"As a result of the review, some roles are changing and some are being impacted,'' the bank said in an email Monday.

"For those impacted colleagues, we are focused on treating them fairly and with respect through this process.''

Chief executive Bharat Masrani told analysts in February that the bank is "streamlining'' its executive and corporate management structures, digitizing some of its processes and cutting back on discretionary spending.

"This is simply a reality of today's slower-growth world,'' Masrani said at the time.

Cost management has been top of mind for Canadian banks amid slowing loan growth, weak oil prices and rock-bottom interest rates.


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