The New York bank's moves add to a series of workforce reductions across Wall Street as bosses navigate an uncertain economic outlook.

The regional bank, which hired a commercial banking team away from Citizens Financial Group, has identified growth opportunities not only in the Garden State, but also in Pennsylvania and Texas.

The Trump administration's attack on diversity, equity and inclusion programs raises the question: Will big banks continue their support of minority depository institutions?

Leo Salom, who has led Toronto-Dominion's U.S. division since 2022, saw his variable pay decline 35% in 2024.

Goldman Sachs Group is planning to start its annual round of reductions earlier in the year after previous cuts took place in the latter half.

Small lenders across the country filled leadership positions, including Orrstown Financial Services and QCR Holdings.

The Federal Deposit Insurance Corp. cut between 600 and 700 of its employees as President Trump's federal downsizing effort advances, fueling concerns over oversight and potential agency consolidation.

"We have made certain adjustments to reflect developments in the law in the U.S.," Chief Executive Officer David Solomon said.

Wells Fargo joins Bank of America, Citi and Charles Schwab in stepping away from its DEI policies.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.