Toronto-Dominion Bank has shifted the focus of company-wide restructuring to its Canadian retail banking and wholesale businesses as the nation's largest lender reorganizes management in a continuing effort to cut costs.
"The organizational review is being conducted bank-wide and currently primarily focused on our Canadian operations," spokeswoman Maria Saros Leung said in an e-mail on Saturday. "Its focus is primarily on clearly defining our executive and corporate management structure."
Toronto-Dominion is laying off "several hundred" employees, including heads of departments, Reuters reported on Saturday, citing unidentified people. TD informed employees of the job cuts in recent days, and another wave of job losses is expected, Reuters reported.
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"As a result of the review, some roles are changing and some are being impacted," said Saros Leung, who declined to comment on specific numbers. "For those impacted colleagues, we are focused on treating them fairly and with respect through this process."
The Toronto-based bank, which employed about 81,000 as of late July, expects the review to be done by year end, Saros Leung said.
Chief Executive Officer Bharat Masrani initiated a company-wide review when he took charge of the bank in November after his predecessor, Ed Clark, retired. The review started in the bank's fiscal first quarter and was primarily focused on its U.S. businesses. Toronto-Dominion took a C$228-million ($176-million) charge in its second quarter for the first wave of a restructuring to curb expense growth. After reporting quarterly results Aug. 27, TD's Chief Financial Officer Colleen Johnston said she expected a "somewhat similar" charge in the fourth quarter.