TD Pledges to Cut Billions in Costs as It Restores Guidance

Toronto-Dominion Bank is reinstating guidance on growth — with similar targets to those in place before a US money-laundering scandal — as it pledges to slash billions in annual costs and boost revenue through a push to attract more clients and sell them additional products.

Raymond Chun, who took over as chief executive officer in February and has been leading a strategy review for the better part of a year, said the bank has a strong culture, “but there are some aspects that absolutely must change.”