TD Bank to Close 38 Branches Amid Restructuring

TD Bank plans to close 38 branches across 10 states and Washington, D.C., by June 5 as part of a corporate restructuring strategy following a $3 billion settlement with the U.S. Department of Justice over money-laundering violations. The closures, affecting states like New Jersey, Pennsylvania, and Florida, reflect an industry trend towards digital banking due to declining in-person visits and cost reduction efforts. The bank, which has 1,100 U.S. locations, will maintain its commitment to service through remaining branches and digital channels. This decision follows TD Bank's guilty plea for failing to comply with the Bank Secrecy Act, which allowed illegal funds to flow to criminal entities. Leadership changes accompany these developments, with new appointments including Raymond Chun as CEO. The bank assures a smooth transition for affected customers and employees, emphasizing regular evaluations of its branch network to align with customer needs.