‘Accelerate momentum, seize new opportunities’: TD Bank cuts 2,000 jobs amid restructuring push

What’s going on at TD Bank?

TD Bank is rolling out a sweeping internal overhaul, announcing the layoff of roughly 2,000 employees – about 2% of its global workforce – as part of a restructuring plan aimed at simplifying operations and boosting efficiency.

The move follows a strong Q2 earnings beat, thanks largely to surging revenues in its capital markets business. But the bank is bracing for economic uncertainty and future loan losses.

Key details

• Annual savings goal: Up to $650 million through cost-cutting, wind-downs of non-core business units, and workforce reductions.
• Pre-tax restructuring charges: Between $600 million and $700 million over the next several quarters.
• Layoffs impact: Approximately 2,000 roles eliminated globally.

Strategic reset and leadership shift

The restructuring comes as new CEO Raymond Chun – who took over in February – leads a strategic review of the business, following prior compliance challenges.

• CFO Tran said the review is in “advanced stages” and is focused on accelerating growth while streamlining operations.
• The layoffs and business exits are part of TD’s efforts to turn the page on recent regulatory and risk management concerns, including anti-money laundering issues.

Next steps for TD employees

If you’ve been affected by the layoffs at TD, understanding your legal rights is crucial.

Non-unionized employees in Canada’s banking sector are entitled to severance pay based on a variety of factors, including their role, tenure, age, and ability to find similar work.

ℹ️ Want a quick overview on severance pay? Watch the video below or check out the full episode in our TV section.

Here’s what you need to know

• Compensation: Severance packages, which can be as much as 24 months’ pay, may include salary, bonuses, commissions, and other forms of compensation. Use our firm’s free Severance Pay Calculator to better understand your entitlements.
• Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
• Action steps: Consult an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and aligns with Canadian employment laws.

Many companies cutting jobs

The restructuring at TD comes amid a flurry of job cuts in 2025.

Match Group, GroupM, OpenText, Meta, CrowdStrike, Expedia Group, Morningstar, Cenovus Energy, Intel, Infosys, Google, and other big names have pulled out the axe as they navigate challenging economic conditions.

SEE ALSO
• Rennie cuts 25% of staff amid real estate downturn
• Estée Lauder reportedly cut all Canadian staff in Hudson’s Bay stores
• Canada’s immigration department slashing workforce by 25%
• Where are layoffs happening in Canada?

Lost your job? Contact us

If you’re affected by the latest round of layoffs at TD, the experienced employment law team at Samfiru Tumarkin LLP can help.

Our lawyers in Ontario, Alberta, and British Columbia have helped tens of thousands of non-unionized individuals resolve their workplace issues.

Call us today at 1-855-821-5900 or request a consultation online.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is NOT specific to any one company and should NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.