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TORONTO/NEW YORK — 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.

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Canadian banks are on the defensive and face a long, expensive battle to protect their market share of personal and commercial banking,





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TD, Canada’s biggest lender by assets, 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.

Toronto-Dominion Bank confirmed Monday that it is eliminating some jobs and changing others as part of the company-wide review.