TD Bank Group said Thursday that it's cutting about two per cent of its workforce as the bank works to reduce costs and refocus spending under new leadership.

Toronto-Dominion Bank rose after reporting earnings that topped estimates and unveiling a restructuring plan to curb costs that included workforce reductions.Most Read from BloombergCan Frank Gehry’s ‘Grand LA’ Make Downtown Feel Like a Neighborhood?

TD Bank, one of Canada’s financial institutions, has revealed plans to reduce its workforce by approximately 2%, affecting around 2,000 employees.