TD Bank has revealed that it plans to axe two per cent of its workforce as part of a restructuring program. TD Bank currently has about 95,000 employees. It says the restructuring will cost between $600 and $700 million pre-tax over the next several quarters. This will supposedly generate savings of approximately $100 million pre-tax in 2025 and annual savings of $550 million to $650 million pre-tax, including savings from the two per cent workforce reduction. “Our U.S. balance sheet restructuring is on track, and we are making consistent progress on AML remediation,” Chun stated in the TD Bank second quarter report released on Thursday.