Skip to main content

Featured

Greens Stun Labour in Historic Gorton & Denton Upset

  The Green Party's Hannah Spencer joyous after the results of the Gorton and Denton by-election were announced Prime Minister Keir Starmer has been dealt a significant political setback after the Green Party captured Gorton and Denton, a Greater Manchester seat Labour had held for nearly a century. The by‑election result pushed Labour into third place, behind both the Greens and Reform UK, highlighting growing fractures in Britain’s traditional two‑party landscape. Green candidate Hannah Spencer secured the victory with a commanding share of the vote, marking the party’s first parliamentary by‑election win in northern England. Reform UK finished second, while Labour’s unusually weak performance intensified pressure on Starmer amid ongoing political turbulence and calls for stronger leadership.  The loss of such a long‑standing Labour stronghold underscores shifting voter sentiment and raises questions about the party’s ability to maintain its traditional base. Analysts have...
Post a Comment
Read more

article

Labels

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.

Labels:

Comments

Post a Comment