The Big Six bank’s fourth-quarter earnings slid 57 per cent to $2.9 billion, as it recorded $363 million in restructuring charges related to company layoffs and said it expects to incur similar additional costs in the first half of 2024. TD’s layoffs will result in over 3,000 job losses, according to Bloomberg. The bank did not respond to The Logic’s request for comment by deadline. (The Logic, Bloomberg)
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The Big Six bank’s fourth-quarter earnings slid 57 per cent to $2.9 billion, as it recorded $363 million in restructuring charges related to company layoffs and said it expects to incur similar additional costs in the first half of 2024. TD’s layoffs will result in over 3,000 job losses, according to Bloomberg. The bank did not respond to The Logic’s request for comment by deadline. (The Logic, Bloomberg)
Talking point: TD also warned of difficulties in meeting its earnings per share growth target in fiscal 2024 due to the complex macroeconomic environment. The layoffs follow similar announcements from other big Canadian banks this year, including Scotiabank, BMO and RBC. On Thursday, CIBC and RBC beat quarterly earnings expectations: CIBC reported lower-than-expected provisions for bad loans and RBC posted higher revenue in its capital markets division.
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