This year, Mr. Masrani’s first full year as CEO, he has been cutting substantial costs at TD and redirecting financial resources, even as profit at the bank rose above $8-billion in fiscal 2015.
TD cut its payroll by about 1,600 jobs, or 1.9 per cent of its work force, and reported total restructuring charges of $686-million – by far the biggest annual charge in the Canadian banking sector over the past decade.