08:05 AM EDT, 05/22/2025 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) said Thursday it initiated a new restructuring program in Q2, including a 2% reduction in workforce, to cut costs and improve efficiency.

The bank said it incurred a 163 million Canadian dollars ($117.5 million) pre-tax charge related to real estate optimization, severance, and business wind-downs this quarter.

The company said it expects total restructuring charges of CA$600 million to CA$700 million pre-tax over the coming quarters, targeting CA$100 million in pre-tax savings this fiscal year and up to CA$650 million annually.