TD Bank closing South Jersey branch, laying off 52 workers; other cutbacks planned as well
The Cherry Hill-based bank is closing six offices across the state, including a South Jersey location along Route 70 in Marlton.
The closings, part of a larger pruning of its branch system, are because of a "reduction in work volumes' and an 'organizational restructuring," the bank said in a March 26 filing with the New Jersey Department of Labor & Workforce Development.
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It didn't specify when job cuts would hit specific sites, but said workers would be let go between March 31 and June 26.
Workers are not being offered positions at other TD Bank offices, the filing said. Eligible employees, including an unspecified number of executives, are to receive severance pay and the value of unused accrued paid time off.
TD Bank has approximately 1,100 locations overall and is the nation's 10th largest bank.
Elsewhere in New Jersey, TD Bank branches are set to close in:
Holmdel, Monmouth County.
Spring Lake Heights, Monmouth County.
Flemington, Hunterdon County.
Cedar Grove, Essex County.
Ringwood, Passaic County.
Other cutbacks are to occur in nine states along the Atlantic seaboard and in Washington, D.C.
Jim Walsh is a senior reporter with the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.
This article originally appeared on Cherry Hill Courier-Post: TD Bank plans layoffs as it sheds six offices across New Jersey
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