Massive layoffs at TD Bank are now underway as the company aims to cut more than 3,000 jobs, a 3% reduction of its workforce.
The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said during the third quarter’s earnings call.
TD recorded $363 million in restructuring charges in the fourth quarter tied to employee severance and other personnel-related costs, real estate optimization and asset impairments, the bank said, adding that similar charges are expected in the first half of 2024.
The bank is aiming for $600 million in savings, including $400 million in fiscal 2024, it said.
“While we are focused on expenses, we are pursuing meaningful revenue opportunities across our businesses,” CFO Kelvin Tran said.
“We outlined our strategies to accelerate growth in our Canadian retail businesses at our recent Investor Day and the acquisition of TD Cowen provides additional capabilities for TD to grow its investment bank.”
TD Bank is still under federal investigation by the Justice Department regarding compliance and anti-money laundering matters, originally disclosed in August, Bloomberg reported Thursday.
While TD said it doesn’t expect the investigation to have a material impact on financial results, “there is a possibility that the ultimate resolution of legal or regulatory actions may be material to the bank’s consolidated results of operations for any particular reporting period,” the bank said.
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Other Banking News Today
A Chase customer now gets scammed of a whopping $200K after fraudsters impersonated the bank’s fraud team, leading to the illicit activity.
Charles Haney, from Cypress, Texas, about 30 miles northeast of Houston, claimed the money was stolen from his Chase Bank account.
The trucking company owner said scammers took money out of his business checking account following a phone call, according to NBC affiliate KPRC-TV.
Haney claimed that he received a text message on December 7, 2022, that asked him about a purchase.
He then alleged that he received a phone call from what he thought was Chase Bank’s fraud team to verify if the Texas man was paying for something in Florida.
Haney added that he told the person on the phone that he did not make the purchase.
“The only information I gave him was to verify what he was asking me,” he said.
Despite this, he claimed that the caller already knew some personal information like his account numbers which he was asked to verify.
Haney said that this made him believe it was actually his bank calling him to stop fraud on his account, so he shared more personal information.
During this conversation, Haney claimed that he received a call from his business relationship manager at his local Chase Bank who asked if he had requested to send $42,000 through a wire transfer.
“I’ve never done a wire transfer,” Haney said.
“My bank account is like most people’s. It’s very, very regimented.”
Haney claimed that he told the representative from his local branch that he was on the line to Chase Bank’s fraud team.
The business owner then alleged that the local relationship manager encouraged him to stay on the phone with the initial caller to close the account.
He claimed that his account funds depleted from $192,000 to $3,000 in just minutes following four wire transfers that went to different states.
“Then, for some reason, three more transfers went through totaling $188,000 and change,” Haney said.
“Everything we had was gone… it was the entire working capital of my company.”
The business owner said he reported the supposed scam to the local police, the FBI, and the U.S. Treasury Department, and filed a fraud claim with Chase Bank.
“If I don’t know the number, I don’t answer the phone anymore,” Haney said.
“It’s my past, my present, my future that just got stolen from me.”
A spokesperson for Chase Bank told KPRC-TV that customers should be wary of phone calls that they receive.
“We urge all consumers to ignore phone or internet requests for money or access to their computer or bank accounts,” the representative said.
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