TD Bank plans to reduce costs and resume growth targets, aiming for a 16% adjusted return on equity and 7-10% growth in adjusted earnings per share by 2029. The bank will save C$2-2.5bn annually through restructuring and automation, expanding wealth management with new adviser hires to enhance client engagement and product sales.

TD Bank Group president and CEO Raymond Chun is focused on building a simpler, faster, and more efficient TD to accelerate growth. Chun has initiated changes like a 2% workforce reduction and the sale of the bank’s stake in Charles Schwab to fund a share buyback program returning C$15bn in excess capital to shareholders by 2026.

The bank’s governance structure has also been modified, with five board directors stepping down in April and John MacIntyre assuming the role of board chair. TD Bank aims to enhance client experience, drive performance, and deliver long-term value to shareholders through these strategic initiatives.

Read more at Yahoo Finance: TD Bank unveils cost-saving measures, sets revenue targets