Toronto-Dominion Bank (TD Bank) is set to shutter 82 retail branches across the US as the Covid-19 pandemic accelerated customer’s migration toward digital and mobile banking platforms.
The Canadian banking group has over 1,223 branches in the US and the proposed closure represents 6.7% of its total branches in the country.
The closures are scheduled in April and the bank has picked the branches based on the customer activity in the respective locations, Bloomberg reported.
The bank’s earnings from the US retail banking business has plunged 16% to $615m, while expenses have increased by 6%.
TD Bank CEO for US unit Greg Braca said: “It was a larger impact on the number of stores that we will be closing relative to the normal pruning that we would do annually for the last several years.”
Braca added: “You’ll see markets in future years where we continue to invest in new stores. But what you’re also seeing is the need for investment in digital and digital capabilities, and we’re doing just that.”
The reports that TB could close as many as 81 retail branches in the US first emerged in the last week of January.
Launched in 1852, TD Bank is the sixth-largest bank in North America, with over 22 million customers and 85,000 employees worldwide.
It offers a range of services, including personal & commercial banking, mutual funds, asset management, insurance, etc.