TD Bank to Close Eight Branches Amid Corporate Restructuring

Core Insights - Toronto-Dominion Bank (TD) plans to close eight branches in New Jersey on January 29, 2026, following the closure of six branches earlier this year [1][9] - The closures are part of a broader strategy to transition to online and mobile banking, aiming to save $2.5 billion annually through digital growth and branch optimization [2][9] - TD Bank is reducing its U.S. footprint by 10%, having already closed 38 branches and planning to close 51 branches in 2026 [5][9] Branch Strategy - TD Bank is reshaping the role of branches from transaction hubs to high-value advice centers, as stated by CEO Raymond Chun [3][9] - The bank is simplifying operations to align with changing customer banking habits, which includes reducing physical presence to allocate resources for upgrading branches and enhancing digital services [4][9] Financial Performance - Over the past six months, TD shares have increased by 28.2%, outperforming the industry growth of 20.7% [6]