TD lays off staff, assigns later return-to-office dates to some workers

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TD Bank ATMs in downtown Ottawa. The bank said in May that it would reduce its work force by 2 per cent.

Toronto-Dominion Bank TD-T is laying off staff and staggering its four-day return to office mandate as the lender continues to cut costs to address remediation efforts stemming from its anti-money-laundering failings.

In its second quarter earnings in May, Canada’s second-largest lender said it would reduce its work force by 2 per cent. The bank has been identifying opportunities to expand its businesses after U.S. regulators and law enforcement levied severe and costly penalties over the bank’s anti-money-laundering deficiencies.

The job losses span across several divisions, including direct investing, risk management and corporate functions, according to three sources.