The job cuts will be achieved through layoffs in major divisions such as retail and wholesale, and include investment banking and support staff, as well as heads of departments.
Though the number of jobs to be affected by the move is not disclosed, a source familiar with the matter said that several hundred employees will be at risk.
Boston Consulting Group was appointed by the bank to evaluate the possible ways to increase efficiencies in the operations.
More than half of the bank’s municipal bond desk in New York is also expected to be impacted by the job cuts.
The review to cut costs will be completed by the end of this year.
Commenting on the review, the bank was quoted by The Canadian Press as saying: "As a result of the review, some roles are changing and some are being impacted.
"For those impacted colleagues, we are focused on treating them fairly and with respect through this process."
Earlier in February, Toronto-Dominion Bank CEO Bharat Masrani said that the bank is streamlining its executive and corporate management structures, converting few of its processes into digital form and reducing expenses.
According to the figures released by the Toronto-Dominion’s annual report for 2014, the bank had over
80,000 full-time equivalent staff last year.
Many of the Canadian banks are seeking to cut costs due to inactive domestic economy and slow loan growth.
Image: Toronto-Dominion Bank in Markham, Ontario. Photo: courtesy of Raysonho / Wikipedia.
