TD Bank has announced that 2% of its workforce will be laid off amid digital and AI restructuring program under new CEO Ray Chun.
The restructuring is estimated to save the bank up to C$650 million per year. The layoff will axe around 2,000 employees to save costs in the restructuring, through the location of the cuts has not been specified.
The move follows TD Bank’s $3 billion anti-money laundering settlement in the US, that ended in chief executive Bharat Masrani stepping down and Chun taking charge in February.
Chun commented: "We are structurally reducing costs across the bank by taking a disciplined look at our operations and processes to find opportunities to automate and to re-engineer them.
"We are identifying opportunities to innovate, to drive efficiencies and operational excellence."