TD Plans to Cut About 2% of Workforce Amid Restructuring (2)

Toronto-Dominion Bank rose after reporting earnings that topped estimates and unveiling a restructuring plan to curb costs that included workforce reductions.

The bank will cut about 2% of its workforce, or roughly 2,000 jobs, as part of the program it started in the second quarter. The restructuring will cost up to C$700 million ($505 million) on a pre-tax basis over the next several quarters, TD said in a statement Thursday.

The bank expects to deliver about C$100 million in pre-tax savings this fiscal year from the effort and annual savings of up to C$650 million beyond that. TD’s average number ...