TD Cuts Thousands of Jobs, Takes Restructuring Charge; Earnings Miss
- Restructuring will let bank ‘invest in the future,’ CFO says
- Royal Bank of Canada and CIBC both top analysts’ forecasts
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Toronto-Dominion Bank missed analysts’ earnings estimates after setting aside more money than forecast for potentially souring loans and announcing a restructuring charge related to a planned 3% cut to the lender’s workforce.
The bank, Canada’s second-largest lender, said Thursday that it took C$266 million ($195 million) in after-tax restructuring charges in the fiscal fourth quarter related to the staff reductions as well as reworking its real estate footprint, including a reduction of 1.2 million square feet (111,000 square meters) of office space in its US operations.