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Oil Jumps as U.S.-Iran Fighting Resumes: TSX Slips, Asia Slides, Fed Hike Bets Rise

  Markets are opening September on edge. The U.S. and Iran exchanged direct attacks over the weekend for the first time in a month, a tanker was struck by projectiles in the Strait of Hormuz on Monday, and President Trump threatened further strikes — sending oil higher, bond yields to fresh highs, and stocks lower on both sides of the border heading into Wednesday's Bank of Canada decision. Canada: TSX Falls for a Second Straight Session The S&P/TSX Composite closed Monday at 36,270.48 , down 283.44 points (-0.78%) , as renewed Middle East tensions hit financials and mining stocks. Canada's Big Banks slid despite widespread expectations the Bank of Canada holds rates Wednesday: TD fell 0.6%, while BMO and Scotiabank each lost 1.2%. Gold miners also retreated as bullion cooled from last week's records — Agnico Eagle dropped 1.9%, Barrick fell 2.2%, and Wheaton Precious Metals slid 2%. Index Close Change S&P/TSX Composite 36,270.48 -283.44 (-0.78%) U.S. Markets: Monda...
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TD to slash jobs after disappointing earnings report


The Toronto-Dominion Bank (TD) announced that it will cut an unspecified number of jobs as part of a restructuring plan to reduce costs and improve efficiency. The move comes after the bank reported lower-than-expected earnings for the fourth quarter of 2023, amid rising expenses and higher provisions for credit losses.

According to its financial results, TD earned $3.2 billion, or $1.72 per share, in the quarter ended Oct. 31, down from $3.5 billion, or $1.87 per share, a year earlier. Analysts had expected earnings of $1.79 per share, according to Refinitiv. The bank’s revenue increased by 4 per cent to $11.8 billion, but its expenses rose by 7 per cent to $6.9 billion. The bank also set aside $1.1 billion for bad loans, up from $891 million in the same period last year.

TD’s chief executive officer Bharat Masrani said the bank is facing “a challenging and uncertain environment” due to the COVID-19 pandemic and its impact on the economy. He said the bank is taking “decisive actions” to adapt to the changing conditions and position itself for long-term growth. He did not provide details on how many jobs will be affected by the restructuring, but said the bank will offer support and transition assistance to the impacted employees.

TD’s disappointing earnings contrast with the strong performance of its peers, such as Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Montreal and National Bank of Canada, which all beat analysts’ estimates and raised their dividends in the fourth quarter. TD was the only one of the Big Six banks that did not increase its dividend, keeping it at 79 cents per share.

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