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Reuters reported that Toronto-Dominion Bank has begun laying off staff in Canada and the United States as part of a company-wide initiative to cut costs, according to two sources familiar with the matter.
According to the Reuters report, TD, Canada’s biggest lender by assets, started the process by hiring Boston Consulting Group to examine ways to drive efficiencies, the sources said. The cuts are in both its major divisions, retail and wholesale, and include investment banking and support staff, the sources said.
Read the full Reuters report: TD Bank Lays Off Canada, U.S. Staff After review: Sources