TD Bank Group layoffs and AI

Chief executive Raymond Chun, TD's Q2 2025 earnings call (22 May 2025; Investing.com transcript, matching TD's published transcript): "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" and "These efforts will create capacity to accelerate digital and AI investments to upgrade capabilities and scale relationship banking." Chief financial officer Kelvin Tran, same call: "We expect this will result in approximately 2% reduction to our workforce. Whenever possible, we will look to achieve this through attrition, and we will redeploy talent in areas where we are accelerating our capabilities." Tran, as MPA Magazine quoted him (23 May 2025): "This restructuring effort is to create capacity to accelerate digital and AI investments to upgrade our capabilities and scale relationship with our customers." TD's Q1 2026 results release (26 February 2026): "The restructuring program concluded on January 31, 2026, with total program charges of $886 million pre-tax. The Bank expects the program to generate total pre-tax fully realized annual program savings of approximately $775 million, including savings from an approximate 3% workforce reduction."

TD Bank Group said on May 22, 2025, with its second-quarter results, that a new restructuring programme would cut about 2% of its workforce, raised the cut to about 3% in December 2025, and closed the programme on January 31, 2026 with C$886 million of charges; about 3% of the 101,272 full-time equivalent staff TD reported in the quarter it announced the programme is about 3,000 positions, across Canada and the United States. Chief executive Raymond Chun told analysts the bank was looking for chances to automate and re-engineer its operations and that these efforts would create capacity to accelerate digital and AI investments, and chief financial officer Kelvin Tran said the restructuring was meant to create that capacity, so AI is one of several reasons beside cutting costs, real estate savings and winding down some businesses (Mixed; cutting to fund AI investment is never Explicit). The figure is shown as reported, not counted, because Tran said the bank would make the reduction through attrition whenever possible and redeploy staff to growing areas, so it is not a count of layoffs. TD has not said how many people were laid off, which roles went, or how the cut divides between Canada and the United States.

Roles the sources name:

Not specified (TD said the impact is broad across the bank)

Share of the workforce:

about 3% (TD's Q4 2025 and Q1 2026 results releases; about 2% when announced in May 2025) of 101,272 average full-time equivalent staff in Q2 2025 (TD's supplementary financial information); 3,038 derived (about 2,025 at the original 2%; Reuters said some 2,000)