The hiring plans would expand TD's 89,658-strong workforce by about 2.2%, based on its fourth-quarter financial statement.
Canadian banks have poured capital into growing technological capabilities in recent years while shrinking headcounts, particularly as the COVID-19 pandemic turbocharged demand for online banking services.
But TD's growth plans come at a time when other industries are also boosting their digital capabilities and demand for technology talent is already red-hot. Canada's digital economy is likely to account for about 11% of all employment by 2025, triggering demand for an additional 250,000 jobs, the Information and Communications Technology Council said in an August report https://www.ictc-ctic.ca/ictc-labour-market-outlook-additional-demand-digital-talent-reach-250000-2025.
That puts an even bigger spotlight on the bank's expenses after they rose 7% in fiscal 2021, driven in large part by variable employee compensation. The bank does not have a specific target for expense growth and will prioritize important projects that will drive growth, executives said on its fourth-quarter earnings call last month.
"Technology is now closer to our customers than ever before," said Greg Keeley, senior executive vice president for platforms and technology at TD. "It is undeniably an incredibly competitive landscape as financial services compete with Big Tech and Fintech for top talent in the industry."
(Reporting by Nichola Saminather; Editing by Will Dunham)