TD Layoffs: What Employees Should Know About Job Cuts

On October 25, 2025, The Globe and Mail reported that Toronto-Dominion Bank (TD Bank) is laying off staff and staggering its four-day return-to-office mandate as part of a broader restructuring effort tied to cost-cutting and remediation following anti-money-laundering deficiencies [The Globe and Mail].

The job cuts affect multiple divisions, including:

• Direct investing
• Risk management
• Corporate functions

TD announced in its second-quarter earnings that it would reduce its workforce by about 2 per cent as part of a restructuring plan.

The October reporting confirmed that the reductions were actively underway [Samfiru Tumarkin LLP].

This page explains:

• How many employees TD laid off
• Why TD is cutting jobs
• Which teams TD laid off
• How return-to-office changes connect to restructuring
• What employees should understand before accepting any severance offer

How Many Employees Did TD Lay Off?

In May 2025, TD announced plans to reduce its global workforce by approximately 2 per cent as part of a restructuring initiative.

While TD did not publicly confirm an exact headcount in October, a 2 per cent reduction represents a significant number of roles across a large global workforce.

Some reductions occurred in the second quarter, with additional cuts expected over the following quarters.

The October 25, 2025 reporting confirmed that job losses were affecting multiple divisions as the restructuring progressed

Why Is TD Cutting Jobs?

TD introduced its restructuring program to:

• Streamline operations
• Reduce expenses
• Address costly remediation tied to anti-money-laundering deficiencies
• Improve long-term operational efficiency

The bank stated that it continues to invest in:

• Front-line advice
• Digital transformation
• AI and data-driven solutions

At the same time, TD recorded significant restructuring-related charges tied to US balance sheet adjustments and compliance efforts.

Like other major Canadian banks, TD is reducing staff in certain areas while expanding in others.

How Do Return-to-Office Changes Fit Into TD’s Restructuring?

The October 2025 report also confirmed that TD is staggering its four-day return-to-office mandate.

Executives shifted to a four-day in-office model earlier in October, while non-executive employees began transitioning in November 2025. Some teams will not move to the full schedule until early 2026.

The return-to-office shift forms part of TD’s broader operational reset.

What Happens If TD Terminates Your Employment?

When TD terminates a non-unionized employee without cause, it typically offers a severance package.

Because TD is federally regulated, the Canada Labour Code governs most non-unionized employees and can significantly affect their termination rights.

If TD laid you off, keep the following in mind:

• The bank rarely offers the maximum severance amount up front
• Initial offers often exclude bonuses or incentive compensation
• Federal protections may provide stronger rights than provincial minimums
• You can often negotiate deadlines in termination letters

When TD restructures, it typically presents affected employees with a TD severance package that may not reflect their full legal entitlement.

TD Layoffs: Frequently Asked Questions

Is TD Bank laying off employees in 2025?

Yes. TD announced a workforce reduction of approximately 2 per cent as part of a restructuring program in 2025.

Why is TD cutting jobs?

TD introduced restructuring measures to streamline operations, reduce expenses, and address remediation efforts tied to anti-money-laundering deficiencies.

Which departments were affected?

Reported divisions include direct investing, risk management, and corporate functions.

Are TD employees covered by federal law?

Yes. Most non-unionized TD employees are governed by the Canada Labour Code.

Get Clarity Before You Accept Any Offer

Restructuring announcements often create pressure to sign quickly.

If TD has offered you a severance package, take time to understand your legal position before accepting.

A brief review can confirm whether your compensation reflects what you’re legally owed — not just what the bank initially offered.

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.