TD Bank closing South Jersey branch, laying off 52 workers; other cutbacks planned as well
TD Bank plans to lay off 52 workers because of planned branch closings in New Jersey, the company has announced.
The Cherry Hill-based bank is closing six offices across the state, including a South Jersey location along Route 70 in Marlton.
The closings, part of a larger pruning of its branch system, are because of a "reduction in work volumes' and an 'organizational restructuring," the bank said in a March 26 filing with the New Jersey Department of Labor & Workforce Development.
Data breach: Suit seeks $5M over leak of TD Bank info
It didn't specify when job cuts would hit specific sites, but said workers would be let go between March 31 and June 26.
Workers are not being offered positions at other TD Bank offices, the filing said. Eligible employees, including an unspecified number of executives, are to receive severance pay and the value of unused accrued paid time off.
TD Bank has approximately 1,100 locations overall and is the nation's 10th largest bank.
Elsewhere in New Jersey, TD Bank branches are set to close in:
Holmdel, Monmouth County.
Spring Lake Heights, Monmouth County.
Flemington, Hunterdon County.
Cedar Grove, Essex County.
Ringwood, Passaic County.
Other cutbacks are to occur in nine states along the Atlantic seaboard and in Washington, D.C.
Jim Walsh is a senior reporter with the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.
This article originally appeared on Cherry Hill Courier-Post: TD Bank plans layoffs as it sheds six offices across New Jersey
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Boston Globe
23 minutes ago
- Boston Globe
The Trump administration canceled an $87 million award for this MIT startup. But life goes on.
Advertisement On May 20, Suffolk Technologies, a venture capital arm of Boston-based Suffolk Construction, announced it had invested an unspecified amount of money in Sublime and pre-purchased some of the cement that will be made in Holyoke. Two days later, Sublime announced an agreement with Microsoft in which the software giant will buy more than 620,000 metric tons of Sublime cement over up to nine years. Last fall, two of the world's largest cement suppliers, Holcim and CRH, together invested $75 million in the company. The company has also raised $45 million in venture capital funding, including from Lowercarbon Capital and Engine Ventures. And on Thursday, Sublime disclosed a roster of nine construction companies, including Suffolk, that have agreed to act as sales partners to pitch Advertisement The Holyoke factory is expected to be completed in 2027 and provide jobs for at least 70 people after it opens. The plant will still get some subsidies, including $47 million in federal tax credits that remain in place, $1.05 million in state tax credits, and $351,000 in local property tax breaks. Site work has begun in Holyoke, but not construction of the actual building. Joe Hicken, senior vice president of business development at Sublime, declined to say what kind of impact, if any, the Department of Energy's action will have on the project's timing. He noted that Sublime's mission dovetails with the Trump administration's goal of boosting American manufacturing. 'If anything, that termination letter is one data point,' Hicken said. 'We have many other data points associated with commercial movement [and] for every plan that we talk about publicly, we have 10 backup plans waiting for their day to shine.' Builders such as those at Suffolk and Consigli Construction in Milford have come to appreciate the technology developed by Sublime cofounders Leah Ellis and Yet-Ming Chiang. The process they developed replaces traditional kilns with electrolysers that make cement from calcium sources, avoiding the intense release of carbon dioxide from the super-heating of limestone used to make most cement. So far, Sublime's production has been limited to small test batches, including a foundation section included in the new building WS Development finished for Amazon in the Seaport. Consigli vice president Todd McCabe said his company signed up to sell Sublime cement because its executives are always looking for ways to build more sustainably and efficiently, and Sublime's clean cement will help with that. Advertisement At Suffolk, executives decided to buy equity in Sublime. Suffolk followed the startup soon after its 2020 inception. As Sublime moved closer to commercialization, Suffolk chief technology officer Jit Kee Chin decided it was the right time to invest. 'They're getting to the point where it's about to go to market,' Chin said. 'Really, it's no longer a science experiment. ... This is the right time for us to go in and really support them.' Chin said many of Suffolk's clients are keenly interested in Sublime's goal of creating a cost-effective, low-carbon cement that's just as effective as traditional cement, known as portland cement. The news about Sublime losing the federal award came as a disappointment to Ben Downing, the chief strategist at the Engine, a nonprofit startup accelerator affiliated with MIT and with VC firm Engine Ventures. Although it's a significant amount of money, Downing has confidence that Sublime will be able to finish the Holyoke factory. 'We know there's a lot of chaos in Washington but we believe in the science and we believe in the team,' Downing said. 'It's bad news, but if any team is going to be able to respond to it and grow and scale it, they're going to find a way [and] I know Holyoke and Massachusetts will be better for it.' Jon Chesto can be reached at
Yahoo
2 hours ago
- Yahoo
Officials: Valparaiso's recent housing symposium is the start of the process
A recent symposium on housing in Valparaiso is only the start of the process, city officials said, as the community addresses a need for what Mayor Jon Costas called 'more attainable housing units.' The May 29 symposium, with the consultant Capital Stacker founder Heather Presley-Cowen, made a broad suggestion for adding housing over the next five years for the market potential for what one chart called 'affordable/workforce and market-rate' housing. The figures call for a mix of rental apartments, condominiums, townhomes and single-family residences. Rental apartments, followed by detached homes, take up the brunt of the units, with up to 195 units and 149 units, respectively, in each of the next five years. The rest of the units are condominiums and townhomes. 'I'm glad we're having these conversations because housing is a complex issue and every community is different,' said Costas, who was part of a 19-member committee put together by Councilman Robert Cotton, D-2nd, who is spearheading the effort. 'What as a city can we do?' Costas said, adding the city has a balance of housing and is a growing community. 'We have a couple challenges, including affordability all around, but particularly in more attainable housing units.' Because the city is a desirable place to live, that's driving up the cost of housing, Costas said. Zoning and unified development ordinance changes can help. 'We're also looking to increase density where it's appropriate,' which could include a mix of types of housing units within a development, he added. Existing mixed housing can be found in the Aberdeen and Keystone subdivisions. 'Attainable single-family homes is probably the greatest need for our community because the market has everything over $350,000 covered,' Costas said. Over the past decade, the city has undertaken several traditional housing studies to better understand the dynamics of the local housing market, Cotton said in a statement provided to the Post-Tribune, but the recent effort is a departure from past approaches. 'This time, we set out not just to study existing conditions, but to assess our city's market potential for new housing development — specifically in the income range that has been largely abandoned by the private market: 60% to 120% of Area Median Income (AMI),' Cotton said in the statement. The approach, said Council President Ellen Kapitan, D-At-large, who also is serving on the committee, isn't focused just on rentals. 'We're talking about house ownership, the 'missing middle,'' she said. 'For home ownership, there aren't a lot of options' for would-be homeowners whose earnings fall within the AMI cited by Cotton. For a four-person household in Porter County, that range would be from $48,650 to $76,500, according to market analysis information compiled by Zimmerman/Volk Associates, Inc. presented at the symposium. 'I believe in what we're doing and it's important to address, and we can only really do that by having a broad understanding of what's going on,' Kapitan said. Councilman Peter Anderson, R-5th, who attended the symposium, has an assortment of concerns about the process by which council members received the market analysis, among other details. 'This information was received by Councilman Cotton and then he met with citizens in private before the information was released to the rest of the council,' Anderson said. 'That's a transparency issue.' The market analysis, he said, has implications for public safety, the school system and property values. 'What the study suggests, that's a big deal,' he said. Council members often take on projects and he's comfortable with Cotton taking the lead on housing, but things seem to have moved beyond that scope and into secrecy, Anderson said, questioning who is on the steering committee and what they have discussed in their meetings. 'It doesn't instill confidence in me that we're going to have broad public discussion' which is needed, he said. Sitting in on the symposium, Anderson said, it was 'very clear' what direction the city was moving in, and he doesn't know whether the council as a whole will talk about it. He's also concerned that two of the drivers of affordable housing are density and land donated by the city. 'That's ultimately going to be the point. It's a government-subsidized thing,' he said. Cotton said Costas, through the board of works, contracted with Zimmerman/Volk for the housing market analysis, for $35,000. That included additional consulting services, like public outreach and housing symposiums. An initial review of the findings was presented to an informal steering committee composed of approximately 19 individuals, Cotton said, which included Costas; nonprofits, a member from the Northwestern Indiana Regional Planning Commission; board members from the nonprofit Paradise Homes; and three members from the council — Cotton, Kapitan, D-At-large, and Councilwoman Barbara Domer, D-3rd. Access to the market potential analysis, Cotton said, was made available to any interested council members, and 'in compliance with Indiana's Open Door Law, no more than three council members participated in the initial due diligence phase.' Valparaiso doesn't have a formal housing policy, Cotton said, nor is the city in the business of building homes. 'Rather, our objective is to stimulate the market — to spark private and nonprofit activity in segments where housing production has stalled,' he said. 'By identifying where potential exists and forging partnerships with mission-driven organizations, we believe we can lay the groundwork for a sustainable, community-based housing delivery system.' The city's plans, Costas said, are still 'amorphous,' with a lot of questions that still need to be answered, including who a developer might be and whether they would work with a nonprofit. Paradise Community Homes, with city administrator Bill Oeding as its president, formed last year to build small homes for under $300,000, Costas said. Housing efforts also are being tackled by longstanding nonprofit Project Neighbors, among others. 'These are not competing groups but it boils down to the specifics and with the symposium, the specifics are just coming together,' Costas said. alavalley@
Yahoo
2 hours ago
- Yahoo
London must ‘market its successes better' to avoid another Wise
Britain must emulate the success of Nasdaq and get better at trumpeting its business success stories if it wants to attract more companies to list in London, one of the UK's top fintech venture capital investors has said. Speaking to City AM the day that payments darling Wise revealed plans to ditch its primary listing for New York, Anthemis founder Amy Nauiokas said the London Stock Exchange (LSE) should try emulate the support promotion the US's tech-heavy bourse gives its new constituents. 'It's not brain surgery,' said Nauiokas, whose firm has been an early-stage backer of fintech success stories like Etoro, Zoopla and Tide. 'They [the LSE] need to promise UK entrepreneurs that there's a path here, and that they'll support them, build an ecosystem around them, and give the perks that the Nasdaq gives them.' London capital markets have been locked in a multi-year struggle to attract and retain some of its brightest companies. Since the start of 2024 alone, cherished listed firms like Darktrace, TUI and most DS Smith have all delisted or been taken private from the capital's stock market. And promising UK-headquartered scale-ups like Arm have opted to list in New York over London, with other darlings like Revolut and Klarna looking likely to follow suit. Departed firms have tended to cite London's stubbornly low valuations and lower liquidity relative to its US rivals, but Nauiokas argued that the lengths to which New York goes to promote and celebrate its new additions was just as important a factor. Commenting on the Nasdaq's custom of advertising its fresh listings in New York's Time Square, she said: 'Half the reason why people go there is so they get to see their their picture on 45th Street.' Her comments ring true with the rationale for ditching London given by Wise, which floated in the UK to great fanfare in 2021. Billionaire cofounder Kristo Kaarmannder said a US listing would help raise Wise's profile in the country as it joins the many London-based fintech giants looking to expand their services in the world's largest market. 'We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners,' he said in the firm's statement announcing its planned departure. Nauiokas, whose firm invests in start-ups in both the US and UK with offices in both New York and London, said she understood the Wise board's decision, adding that were she a secondary capital and pre-IPO dealmaker, she 'would probably say the best option right now was either a dual listing or a US-based IPO'. But despite the downbeat rhetoric surrounding the London Stock Exchange, she added that the ongoing political turmoil in America was something on which London – and Europe as a whole – should be poised to capitalise. 'It strikes me that all the opportunity is here [in London],' she said. 'This is a moment. A moment for investors to find great entrepreneurs and make money, but also a moment for regulatory navel gazing – government navel gazing – private partnership navel gazing – to say we could do something here. Let's do something.' Family offices and institutional money are increasingly looking to reduce the weighting of US assets in their portfolio in response to the capricious and unpredictable policy directives from the White House, Nauiokas said. Many ultra-rich families have re-weighted their portfolios from an '80/20 North America to Europe to now 50/50'. 'I'm super excited about the UK specifically. But it needs to take this moment of market geopolitical dislocation,' she said, adding: 'The LSE can do a much better job of reshaping its proposition, and the government needs to get rid of stamp duty on shares.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
