TD to lay off 3% of workers; why small-bank stock rally stalled

Why TD Bank is cutting 3% of its workforce: Expenses at Canada's second-biggest bank, TD , are higher than they should be, and the layoffs are one part of a plan to control costs going forward, executives say. Other Canadian banks including CIBC , Scotiabank and 满地可银行 have also shed workers this year.

Read more on bank earnings as Canadian banks report: BMO ups Bank of the West cost-savings expectations

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Why the community bank stock rally stalled: A small bank stock index posted its biggest gain of the year in early November before that progress faded. What will it take for investors to sustain confidence in the sector?

Rep. Maxine Waters asks PNC, Wells to put bank branches in her district: In a Los Angeles appearance this weekend, the Democratic Congresswomaaan pressed executives from City National Bank , PNC and 富国银行 on opening branches in her California district and upholding promises made from recent merger agreements or consent orders.

Federal Home Loan banks launch opposition to FHFA reforms: The lobbyist for the Home Loan Bank System has asked the Federal Deposit Insurance Corporation (FDIC) to confirm that the private consortium can continue to be a "lender of last resort," in direct conflict with the recommendations of its regulator, the Federal Housing Finance Agency .

House votes to nullify CFPB small-business data rule: Republicans and a handful of Democrats in the House and Senate, which already had passed an identical bill, say the data-collection rule would be too onerous for lenders and small-business borrowers. President Biden is expected to veto the legislation.

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