Senior leadership will look to get rid of many people in 2021, especially outside Toronto. Call Centre in London is safe, business units are not. TD needs to get expenses under control and travelling has always been a major expense. Packages will not be as great as in the past. I will keep you posted folks. Don't spend too much money in the meantime.
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Seems to be a renewed focus on cuts, hearing more and more everyday. Some are good news like retirements and people moving on now that the job market is opening up and some are clearly getting rid of dead weight. They need to continue to cut especially in the multiple layers of PMOs, TCOs, Ops Risk, etc. too many people not producing or contributing to the bottom line.
It's starting under the guise of organization announcements and many are actually good news. They're eliminating several poor performers and there will be many more to come. In their own benevolent way, they are reassigning some of the cut resources that should actually be let go but time will tell.
The message from leadership has been that returning to TD offices will not be at the numbers that it used to be. Real estate will be sold off, call centres moved into business unit offices, option to stay at home will remain. They mentioned last week that job postings will start to change and remove the location(when able to). Layoffs are definitely coming but I would be surprised they would focus on laying off by city. Though nothing surprises me.
Scotiabank is getting rid of a lot of it’s contractors and has told them to accept cuts of 30-45% or their contracts will be terminated. This is in part to help pay for the executive bonuses. The employees at Scotiabank will face job cuts in the new year why you ask? “You are richer than you think”.
Usually when banks cut one starts and the others follow. Based on this, cut back on your expenses and gift giving at Christmas.