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Amid a larger restructuring effort, TD Bank anticipates letting go of 52 employees.

The Cherry Hill-based financial institution reported the layoffs in a filing with the state Department of Labor and Workforce Development. They will take effect in several rounds between March 31 and June 26.

A TD Bank spokesperson told NJBIZ the planned reductions “largely affects those colleagues impacted by our recent store closure announcement.”

The bank revealed last month it expects to shutter more than three dozen retail branches nationwide. The move aims to streamline operations and adapt to changing customer banking habits.

Within New Jersey, TD Bank will close the following sites June 5:

• Cedar Grove – 85 Pompton Ave.
• Flemington – 1 Royal Road
• Holmdel – 670 Laurel Ave.
• Marlton – 191 E. Route 70
• Ringwood – 145 Skyline Drive
• Spring Lake Heights – 555 Warren Ave.

After June, TD Bank will have 216 branches left in New Jersey.

Connecticut, Florida, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, South Carolina, Virginia and the District of Columbia also have locations scheduled to close.

In a statement, TD Bank said it “regularly reviews our operations to ensure continued strength and flexibility as we evolve our business model for the future”

“We’ve made the difficult decision to eliminate some roles that are no longer aligned with our business model,” the bank said, adding “… We are committed to supporting impacted colleagues fairly, with respect and providing resources to assist with the transition.”

Shrinking footprint

One of the 10 largest banks in North America, TD Bank operates more than 1,100 retail stores in 15 states as well as the nation’s capital. It serves more than 10 million customers.

TD Bank has shut down dozens of locations across the U.S. in recent years – including several local branches. The bank has said shrinking its footprint will enable it to reinvest in stores, expand ATM networks, and make further improvements to digital and mobile platforms.

A spokesperson also noted that the upcoming move to eliminate positions is not connected to a $3 billion settlement TD Bank recently reached with federal authorities to resolve an investigation into alleged money laundering violations. 

According to the Department of Justice, TD Bank enabled the laundering of over $600 million by failing to monitor more than $18 trillion in payments over a six-year period. As part of the October 2024 resolution, the bank had to to pay hefty fines and cap its worth at $434 million.