Make a prediction and tell us what you think about Toronto Dominion Bank layoffs? Any chatter, news or rumors?
12 replies (most recent on top)
Barry was grabbing his coat to step out the door for the last time when Ray whipped out a machete to begin slashing. Greg K is gone. More job slashing to come. I believe the US side of the house will be more impacted than the Canadian side.
Leo confirmed there will be sla-ghter in the US and Canada will barely be standing after the next two years
Has it been confirmed there will be layoffs in 2025? If so, how many roles will be affected and will it impact all divisions across US and Canada?
It should not come as a surprise to anyone, but more and more functions are being moved out of AMCB and into Canada. The regulators told Leo that more decision authority had to be located in the US - except for anything that could be considered shared services. So instead of building out a proper banking infrastructure at AMCB more things are being labeled as shared services with senior leaders in Canada. Practically all of the HR functions have already moved there. While we still have recruiters in the US they answer to Canadian overlords and all executive candidates will do final interviews with people who've never had their passports stamped in the US.
If the layoffs continue then I'm HR will need to get their act together because hiring is a highly inefficient process. Any external resources that are any good won't hang around long waiting for TD's tediously long process.
The continuing cuts will not be limited to only the US. It will be a continuous free for all for the next year. The manager will cut their the subordinate and the following week the manager will be cut. This needs to be done because the bank can't grow in the US and there is really nothing much left to buy in Canada. At the end of the day it is about shareholder value.
Lots of layoffs coming in 2025. Leo had an aggressive plan to cut folks, despite promising that the $3 billion fine wasn't going to cost anyone their jobs. Ray Chun put it out to the leadership team that he wants to double the cuts Leo was planning. Expect 4000 job cuts on the US side by the end of the year.
Commentor below hit it on the mark. I was at a networking event and the one of the attendees came over to a group I was with and when we a poor sod came over and said he worked at TD Bank, we all started laughing. If you see TD on any "best workplace or other type of best list" you know that award has been bought and locked. If you are serious about your career you don't want everyone to react to your employer like they do to the name P Diddy
Who really wants to work here? Have you seen the headlines?
There are lots of positions posted and recycling of previously laid off resources so my guess is there will be fewer layoffs in 2025.
If you look through the previous posts and see that there had been layoffs every year since Barry took over. My money is on more layoffs in 2025
I think the layoffs will continue throughout 2025. Not sure about the US but in Canada they layoff 49 employees per month. This keeps them below the labor board's threshold for mass layoffs which is 50 positions over a 4-week period.