Wholesale Banking - Positioned for Growth
Restructuring Program
The Bank undertook certain measures in the fourth quarter of 2023 to reduce its cost base and
achieve greater efficiency
■ What is the size of the restructuring program?
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$363MM pre-tax / $266MM after-tax was incurred in Q4'23
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The Bank expects to incur additional restructuring charges of a similar magnitude in the first half of calendar
2024
■ What is the expected impact on expenses?
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For F'24, expect savings of -$400MM pre-tax
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For the full restructuring program, expect fully realized annual cost savings of -$600MM pre-tax
Creates capacity to reinvest
■ Which areas are the cost savings coming from?
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Restructuring costs primarily relate to employee severance and other personnel-related costs, real estate
optimization, and asset impairments as we accelerate transitions to new platforms
- 3% FTE reduction through attrition and targeted actions
TD
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