Latest news with #RayChun
Finextra
23-05-2025
- Business
- Finextra
TD Bank to lay off 2% of staff in restructuring
TD Bank has announced that 2% of its workforce will be laid off amid digital and AI restructuring program under new CEO Ray Chun. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The restructuring is estimated to save the bank up to C$650 million per year. The layoff will axe around 2,000 employees to save costs in the restructuring, through the location of the cuts has not been specified. The move follows TD Bank's $3 billion anti-money laundering settlement in the US, that ended in chief executive Bharat Masrani stepping down and Chun taking charge in February. Chun commented: "We are structurally reducing costs across the bank by taking a disciplined look at our operations and processes to find opportunities to automate and to re-engineer them. "We are identifying opportunities to innovate, to drive efficiencies and operational excellence."
USA Today
10-05-2025
- Business
- USA Today
TD Bank closing nearly 40 branches on June 5: See list of shuttering locations
TD Bank closing nearly 40 branches on June 5: See list of shuttering locations Last year, TD Bank pleaded guilty to conspiracy and money laundering, agreed to pay $3 billion in penalties. Show Caption Hide Caption TD Bank pleaded guilty to conspiracy of money laundering The bank will accept limits on its growth and be monitored by federal regulators for at least 3 years for its role in money laundering. TD Bank is closing nearly 40 locations this summer after evaluating its existing stores. The Cherry Hill, New Jersey-headquartered national bank confirmed to USA TODAY that after a recent analysis, it "made the difficult decision to close 38 locations on June 5." A spokesperson for the bank said that as part of its normal business practices, it regularly evaluates existing TD Bank stores, which "may result in some closures, consolidations, or relocations." The evaluations allow the bank to better align its network of stores with "customer needs and preferences," he added. "We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to serving them at one of our over 1000+ TD Bank locations or through our digital banking products and services," the spokesperson said. Although the bank will be closing some locations, the spokesperson said it has recently opened three new stores – two in New York (Brighton Beach, Brooklyn, and Jerome Avenue, the Bronx), and one in Boston (Nubian Square). What TD Bank locations are closing? According to the Office of the Comptroller of the Currency data, the closing TD Bank locations include: TD Bank pleaded guilty to money laundering violations in 2024 Last year, TD Bank agreed to pay over $3 billion in penalties after becoming the largest bank in U.S. history to plead guilty to federal money laundering crimes. According to the government, TD Bank for years ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit. "TD Bank chose profits over compliance in order to keep its costs down," U.S. Attorney General Merrick Garland said during a press conference at the time, noting TD was the largest bank to admit to violating the Bank Secrecy Act. New TD Bank CEO Ray Chun, at the time, said the financial institution would "make the necessary changes to put the bank on a stronger foundation." "This is TD's number-one priority, and my number one priority," Chun said during a conference call in October 2024. "Make no mistake, we will meet our commitments to our regulators ... we will get the job done."
