TD Bank on Thursday said it would lay off 2% of its workforce to cut costs and scale up its digital and AI investments, as the bank restructures following its historic anti-money laundering settlement under new CEO Ray Chun.

TD Bank's (NYSE:TD) restructuring plan includes a 2% workforce cut, the company said on Thursday in its fiscal Q2 earnings report. The company embarked on a strategic review in late 2024 after it paid $3B to settle an anti-money laundering probe by U.

TD Bank Group said Thursday that it’s cutting about two per cent of its workforce as the bank works to reduce costs and refocus spending under new leadership. The job cuts amount to a little over 2,000 employees based on the roughly 101,800 employees it had last year.