TD Plans to Cut About 2% of Workforce Amid Restructuring

Toronto-Dominion Bank rose after reporting earnings that topped estimates and unveiling a restructuring plan to curb costs that included workforce reductions.

The bank will cut about 2% of its workforce, or roughly 2,000 jobs, as part of the program it started in the second quarter. The restructuring will cost up to C$700 million ($505 million) on a pre-tax basis over the next several quarters, TD said in a statement Thursday.