Latest news with #TD Bank
Reuters
23-07-2025
- Business
- Reuters
TD Bank calls staff back to office four days a week starting this fall, memo says
July 23 (Reuters) - TD Bank ( opens new tab has asked employees to work from office four days a week starting this fall, according to a memo seen by Reuters on Wednesday. Executive-level staff at the bank will be required to work from the office at least four days a week starting October 6, while non-executive employees are expected to follow suit by November 3, said the memo from TD Bank Group's Chief Human Resources Officer Melanie Burns. "Many locations will be ready to accommodate this change by November 3," Burns said in the memo. After several years of supporting flexible work models following the COVID-19 pandemic, many companies are now encouraging employees to return to the office, arguing improved in-person collaboration as a key benefit. In recent months, peers such as the Bank of Montreal ( opens new tab and the Royal Bank of Canada ( opens new tab have made similar steps.
Yahoo
23-07-2025
- Business
- Yahoo
TD Bank joins its peers in moving to require four days in office
TORONTO — TD Bank Group says it is moving to require employees be in the office four days a week, adding to the number of banks doing so. TD says that staff at the associate vice-president level and above will be expected in the office four days a week starting Oct. 6, while non-executive colleagues will largely be required to start coming in more as of Nov. 3. In a memo to employees, TD's chief human resources officer Melanie Burns said the bank has found working in person helps collaboration, decision making, learning and outcomes, as well as aids in career development and company culture. The bank's move follows RBC, BMO and Scotiabank, which are moving to four days in office starting in September, though some banks have noted the policy is contingent on when office space allows it. TD said many of its locations will be ready for the Nov. 3 change, but that others will take more time so some teams might be on a different timeline. Burns says the bank is focused on making sure its workspaces meet staff needs, while suggesting that managers will also have some flexibility to allow occasional extra workdays at home. This report by The Canadian Press was first published July 23, 2025. Companies in this story: (TSX:TD) The Canadian Press
CTV News
23-07-2025
- Business
- CTV News
TD Bank joins its peers in moving to require four days in office
TORONTO — TD Bank Group says it is moving to require employees be in the office four days a week, adding to the number of banks doing so. TD says that staff at the associate vice-president level and above will be expected in the office four days a week starting Oct. 6, while non-executive colleagues will largely be required to start coming in more as of Nov. 3. In a memo to employees, TD's chief human resources officer Melanie Burns said the bank has found working in person helps collaboration, decision making, learning and outcomes, as well as aids in career development and company culture. The bank's move follows RBC, BMO and Scotiabank, which are moving to four days in office starting in September, though some banks have noted the policy is contingent on when office space allows it. TD said many of its locations will be ready for the Nov. 3 change, but that others will take more time so some teams might be on a different timeline. Burns says the bank is focused on making sure its workspaces meet staff needs, while suggesting that managers will also have some flexibility to allow occasional extra workdays at home. This report by The Canadian Press was first published July 23, 2025.
CTV News
22-05-2025
- Business
- CTV News
TD Bank tops profit estimates, announces job cuts
TD Bank signage is pictured in the financial district in Toronto on Sept. 8, 2023. (Andrew Lahodynskyj / The Canadian Press) Canada's second largest lender TD Bank on Thursday reported better-than-expected quarterly earnings driven by growth at its capital markets business, as a volatile environment boosted trading activity. The lender also announced a restructuring program to save up to $650 million annually, including layoffs of about 2% or some 2,000 of its employees, business wind-downs and exits. Its wholesale banking arm - which houses its capital markets and investment banking businesses - reported a 16% jump in net income and record revenue of $2.13 billion, up 10% from a year earlier. That reflected higher trading-related revenue and underwriting fees, including from the sale of its remaining equity investment in U.S. financial services firm Charles Schwab SCHW.N. 'When there is uncertainty in the market, people take views on the direction, so you actually see more trading volume happening. TD, both on the securities side and wealth management side, will benefit from that,' CFO Kelvin Tran said in an interview. However, the bank set aside $1.34 billion in provisions to shield against future souring loans in an uncertain environment, up from $1.07 billion a year earlier. It also expects to incur restructuring charges of $600 million to $700 million pre-tax over the next several quarters. 'The uncertainty in the market does cause clients to pause in the wait and see mode, and they're deferring some long-term decisions. We still see loan growth despite the uncertainty in the environment, but given the outlook, and given that there's uncertainty, we build reserves,' Tran said. TD is undergoing a broad-based strategic review as the new leadership looks to simplify the business and turn around the bank after its anti-money laundering problems. Raymond Chun, a longtime TD Bank executive, took the helm in February. Tran said the bank is in the advanced stages of its review, which looks at how TD can 'accelerate momentum and seize new opportunities.' RBC Capital Markets bank analyst Darko Mihelic said he had a positive view on the results and the restructuring program was significant. TD kicks off the earnings season for Canadian lenders, with others set to report next week. TD's results offer a glimpse into the impact of the tariffs chaos on the Canadian economy. Adjusted earnings of $1.97 per share beat analysts' average estimates of $1.76, LSEG data showed. Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber and Jan Harvey, Reuters
Reuters
22-05-2025
- Business
- Reuters
Canada's TD Bank profit falls on hit from higher bad loan provisions
May 22 (Reuters) - TD Bank ( opens new tab reported a fall in second-quarter profit on Thursday, as the Canadian lender stockpiled money to cover for potential bad loans in an uncertain economic environment. The results from the country's second-biggest bank offer a glimpse into the impact of the tariff chaos on the Canadian economy. Trade uncertainty is expected to result in higher credit losses and weaker loan growth as sentiment takes a hit from the changing outlook. In the second quarter, TD's provision for credit losses jumped to C$1.34 billion ($965.5 million) from C$1.07 billion a year earlier. "TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian Personal and Commercial Banking," CEO Raymond Chun said in a statement. "We are operating in a fluid macroeconomic environment," Chun said. TD is also undergoing a broad-based strategic review as the new leadership looks to simplify the business and turnaround the bank after its anti-money laundering problems. Chun, a longtime TD Bank executive, took the helm in February. Meanwhile, TD's wholesale banking arm - which houses its capital markets and investment banking businesses - reported record revenue of C$2.13 billion, a 10% jump from a year earlier. Uncertainty stemming from U.S. trade policy injected heightened market volatility, spurring trading activity as investors aggressively rejigged their portfolios. Among transactions in the quarter, TD Securities was the lead left bookrunner on the $13.1 billion secondary offering of Charles Schwab (SCHW.N), opens new tab shares by TD, one of the largest equity market deals ever. TD kicks off the earnings season for Canadian lenders, with rival big banks set to report their results next week. The bank posted adjusted net income of C$3.63 billion, or C$1.97 per share, for the three months ended April 30, compared with C$3.79 billion, or C$2.04 per share, a year earlier. TD shares have gained 17.5% this year, outperforming rival banks. ($1 = 1.3878 Canadian dollars)
