TD Bank Group said Thursday that it’s cutting about two percent of its workforce in an aim to save around $600 million a year as part of a restructuring it started in the second quarter.
The bank announced the reduction as it reported a second-quarter profit of $11.1 billion. The cuts would amount to around 2,000 employees, based on the bank’s roughly 101,759 full-time equivalent employees for fiscal 2024.
Earnings were significantly boosted by the bank selling its remaining stake in The Charles Schwab Corp., while the restructuring led to $163 million in pre-tax charges in the quarter. The charges were mostly related to real estate optimization, while it expects around $650 million in pre-tax charges over the next several quarters from severance and other costs….