TD Bank is closing locations and laying off workers. The Philly region is among the cuts.

TD Bank is shuttering dozens of locations across several states, and outposts in Pennsylvania and New Jersey are among those expected to close in the coming months.

The bank anticipates closing 38 locations by June 5, according to a company statement.

“As part of our normal business practices, we regularly evaluate existing TD Bank stores, which may result in some closures, consolidations or relocations as we look for opportunities to better align our network of stores with customer needs and preferences,” the company said in a statement.

In the Philadelphia region, expected closures include branches in Chester County, Marlton, and Chestnut Hill.

TD Bank is the second largest bank in the Philadelphia region by deposit after Wells Fargo, the Philadelphia Business Journal has reported, citing the Federal Deposit Insurance Corp.

TD Bank’s U.S. operations are headquartered in Cherry Hill.

“The South Jersey and greater Philadelphia metro market has been TD Bank’s home in the United States for more than 30 years and we are proud of our commitment to the region,” the company statement said.

A layoff notice filed in New Jersey indicates that the company expects to terminate some 52 positions in the state. The layoffs are expected to start on March 31, and run through June 26 in eight rounds of terminations.

“TD regularly reviews our operations to ensure continued strength and flexibility as we evolve our business for the future,” reads the company statement. “We’ve made the difficult decision to eliminate some roles that are no longer aligned with our business model.”

The branch closures and layoffs come on the heels of a high-profile settlement between TD Bank and federal prosecutors. The company says workforce reductions are largely due to branch closures and are unrelated to that case.

In 2024, TD Bank pleaded guilty to conspiracy to commit money laundering and agreed to pay $3 billion as part of a settlement.

“TD Bank created an environment that allowed financial crime to flourish,” former Attorney General Merrick Garland said at the time. “By making its services convenient for criminals, it became one.”

The bank was also recently found to be reporting inaccurate and negative information to credit reporting services, the Consumer Financial Protection Bureau found in an investigation last year. The issue affected over 50,000 customers and happened over several years, the bureau announced in September.

TD Bank was ordered to pay $7.76 million to victims as well as a $20 million fine toward a general victims fund.