Two top firms axe staff

Capturing efficiencies.

Reuters reports that Toronto-Dominion Bank has begun laying off staff in Canada and the United States as part of a company-wide initiative to cut costs, according to two sources familiar with the matter.

TD started the process by hiring Boston Consulting Group to examine ways to drive efficiencies, the sources said.

Following the review, TD informed employees of the job cuts last week and this week, with a further wave of job losses expected next week, they added.

The cuts are in both its major divisions, retail and wholesale, and include investment banking and support staff, the sources said.

In the meantime, the news agency also reports that UBS laid off a number of employees at its Puerto Rico arm earlier this month as it shrinks its business further in the U.S. territory.

UBS said on Sunday fewer than a dozen employees were affected. The Swiss bank has been retrenching in Puerto Rico as the Caribbean island's government tackles a fiscal crisis stemming from a decade long recession and struggles with its $72 billion debt load

TD Bank lays off Canada, U.S. staff after review - sources

UBS thins out Puerto Rico staff in restructuring move

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