The Globe and Mail reports in its Friday edition that TD Bank is reducing its work force by 2 per cent as part of a cost-cutting plan while the lender fixes gaps in its anti-money-laundering processes. The Globe's Stefanie Marotta writes that TD has been conducting a strategic review to identify new opportunities to expand its businesses after U.S. regulators and law enforcement levied severe and costly penalties over the bank's anti-money-laundering failings. The bank launched a new restructuring program in the second quarter as it cuts costs as part of its review. TD is reducing expenses across real estate, employee severance and other measures, including the work-force reductions. The staff cuts will in part be done through attrition, TD chief financial officer Kelvin Tran told The Globe. Some employee reductions were completed in the just-completed quarter, with the remaining expected over the next several quarters. "We've successfully done that in the past, and we'll look for opportunities to redeploy impacted colleagues across the bank," Mr. Tran said. "This restructuring effort is to create capacity to accelerate digital and AI investments to upgrade our capabilities and scale relationship with our customers."