LoginAs the nation tries to rebound from the recent financial crisis, one banking giant said it was expanding its territory, while another one said it may cut its workforce by thousands.
TD Bank announced it was expanding its South Carolina corporate offices, a move that is expected to create 1,600 jobs across the state over the next five years, according to Bloomberg Businessweek.
Company officials said it will be putting a regional hub in Greenville, spending $17 million to renovate three buildings there next year.
The Canadian-based bank, which did not have any U.S. presence six years ago, now has 1,300 branches along the east coast.
Meanwhile, the news is not as upbeat for Citibank, which recently announced it is considering a plan to axe 3,000 workers in order to cut expenses, according to the Wall Street Journal.
Citibank said approximately 900 of those layoffs would be in the company's securities and banking division, which serves its institutional clients. The total cuts would amount to about 1 percent of the company's New York-based banking workforce.
A person close to the company told the news agency the plan has not yet been made official, but some people have already been notified of the cuts.