Here are four things you need to know this morning
TD Bank cutting jobs as Q2 profit tops estimates: TD Bank plans to cut about two per cent of its workforce in an effort to reduce its cost base and achieve greater efficiency. The bank, with about 95,000 employees, says the restructuring will cost up to $700 million in pre-tax charges over the next several quarters. It expects the effort will generate about $100 million in pre-tax savings this fiscal year and annual savings of up to $650 million. TD’s CEO Raymond Chun is leading a review of the bank after paying out more than US$3 billion to U.S. authorities over its anti-money-laundering failures. TD beat earnings estimates in the latest quarter after setting aside less money than expected for souring loans.
Mixed results from Lightspeed: Lightspeed Commerce has reported a higher loss in its fourth quarter from a year ago. The Montreal-based e-commerce company’s net loss grew to $575 million in the quarter from an impairment charge. Revenue however, came in higher than expected from an increase in transactions.
The CEO of Lightspeed, Dax Dasilva, will tell us more in an interview on BNN Bloomberg today at 9:15 a.m. EDT.
OPEC+ mulls another production hike: Bloomberg News is reporting OPEC+ members are discussing another production increase for July. A production boost would come despite an expected drop in global oil demand stemming from the U.S. trade war. If OPEC and its allies approve the 411,000 barrel a day increase at its next meeting in June, it will be the third straight month of supply boosts by triple the original amount.
Bitcoin surges to record high: Don’t look now but bitcoin has rallied to a new record high. The cryptocurrency surpassed US$111,000 for the first time this morning, with traders increasingly bullish amid rising institutional demand and support from Donald Trump’s administration. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3 per cent. A wave of optimism is buoying bitcoin after the advancement of a bill in the U.S. senate fueled hopes of greater regulatory clarity for digital-asset firms under President Trump, who is avowedly pro-crypto.
