TD Waterhouse Group chief executive officer Stephen D. McDonald said the discount brokerage will continue to cut costs to withstand the ongoing market volatility but does not plan the sort of massive layoffs that its peers in online brokerage have initiated.

In a presentation at an investor conference Monday in New York hosted by Putnam Lovell Securities, Mr. McDonald conceded that the past 12 months have been difficult. But he said TD Waterhouse, which is mostly owned by Toronto-Dominion Bank, will continue to trim its payroll through attrition.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.