TD Bank cuts over 3,000 jobs in workforce reduction, restructuring

Toronto-Dominion Bank (TD) is the latest of the big Canadian banks to scale back its staffing levels.

According to Bloomberg, the lender’s Q4 2023 earnings release included a restructuring charge related to a planned three per cent cut to its workforce — potentially affecting more than 3,000 employees.

“[TD] undertook certain measures in the fourth quarter of 2023 to reduce its cost base and achieve greater efficiency,” the earnings release reads.

“In connection with these measures, [TD] incurred $363 million of restructuring charges, which primarily relate to employee severance and other personnel-related costs, real estate optimization, and asset impairments.”

After tax, the restructuring charges are in line with other Canadian banks that have announced job cuts, including National Bank, Royal Bank of Canada (RBC), and Bank of Montreal (BMO).

TD added that it expects to incur similar restructuring charges in the first half of 2024.

How does this impact employees?

The elimination of thousands of jobs at the bank has left many employees uncertain about their future. If you’ve been laid off or are facing termination, here’s what you should know:

• You Are Likely Owed Severance: Employees at TD are entitled to full severance pay under Canadian employment law.
• What Severance Includes: Severance packages can cover salary, bonuses, commissions, benefits, and more.
• Rights Don’t Change: Even in times of corporate restructuring, your rights as an employee remain protected.

For a detailed overview of TD’s layoff history and severance entitlements, visit our TD Layoffs: Severance Pay for Employees guide.

Key severance facts for TD employees

If you’ve lost your job due to the closure, here’s what you need to know about severance in Canada:

• Severance Pay: Can be up to 24 months’ pay, depending on your role, age, length of service, and ability to find similar work.
• Deadlines: You have up to two years from your termination date to pursue a claim for severance.
• Misclassified Employees: Contractors may also be eligible for severance if misclassified as independent contractors.

Use our Severance Pay Calculator to estimate what you’re owed.

Steps to take if you’ve been laid off

1. Don’t Sign Anything Yet: Before accepting any severance offer, have it reviewed by an employment lawyer to ensure it’s fair.
2. Understand Your Rights: Learn about severance pay and employment standards through our TD Layoffs Guide.
3. Contact Us for Help: Book a consultation with our team for a detailed review of your severance package and employment contract.

Talk to an employment lawyer

If you’ve been affected by layoffs at TD, it’s critical to understand your rights and secure the compensation you’re owed. Contact us today for expert legal advice and a free consultation.

Call 1-855-821-5900 or complete a quick form to get started.