TD Bank's Q4 Profit Falls Below Expectations Due to Job Cuts and Credit Provisions
TL;DR Summary
Toronto-Dominion Bank reported lower-than-expected earnings in the fiscal fourth quarter due to higher provisions for potentially souring loans and a restructuring charge related to a planned 3% reduction in its workforce. The bank's provisions for credit losses amounted to C$878 million, exceeding analysts' expectations of C$844.5 million. Adjusted earnings per share were C$1.83, falling short of the average estimate of C$1.90 from analysts.
Topics:business#credit-provisions#earnings#finance#job-cuts#restructuring-charge#toronto-dominion-bank
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