BRATTLEBORO -- More than a dozen positions at a regional bank located in Brattleboro are scheduled to transfer to New Jersey within the next few months.
TD Bank confirmed this week 13 employees in Brattleboro’s Main Street location will see their jobs relocate to Cherry Hill, N.J., as the company plans a downsizing of its TD Wealth operations center in northern New England.
"The transition is going to be implemented using a phased approach over the next several months, and we expect that it will be completed by February 2012," said Jennifer Morneau, public relations manager for TD Bank. "It was a tough decision for us to make, we considered it very seriously and thoroughly and this is no way a reflection on the performance of the affected employees."
The job-cutting measure will not affect the retail end of the bank’s operations in Brattleboro.
"That is still the same, that is still open for business," said TD Bank spokesman Adam DeSanctis. "Even though that [wealth operations] are being moved to Cherry Hill, we’re still going to have a dedicated private banking, private trust and TIC (Treasury International Capital) resource that is still in the area and open for business ... the retail, small business, commercial -- that’s still open."
The TD Wealth services are offered through the company and its affiliates, comprising one of the 10 largest banks in the country. The division focuses on long-term investments and wealth management/preservation strategies, according to the bank’s website. In total, just under 40 jobs from Brattleboro, Concord, N.H., and Portland, Maine, will relocate to New Jersey. Morneau said all Brattleboro employees will have "a fair opportunity to be considered" for other roles throughout the company.
"We recently undertook a review of our services to our TD wealth customers and as part of that, we reviewed our operations functions and after that review we decided to close our wealth operations locations in Brattleboro," she said.
TD Bank has 30 retail locations in Vermont including one on both Putney Road and Main Street in Brattleboro and in downtown Bellows Falls. Calls to Brattleboro’s wealth management department were referred to the public relations department in Portland.