TD Bank will lay off 60 employees from its wealth management group as a result of merging clientele into TD Ameritrade, the Philadelphia Business Journal reported yesterday.

Fifty-two of the employees are based in New Jersey and eight are from Pennsylvania, TD Bank spokeswoman Rebecca Acevedo told the paper.

The employees were informed of the cuts in February, but the company made no external announcement. Some were offered jobs with TD Ameritrade, the primary brokerage and investment manager of Toronto-based parent TD Bank Financial Group, and would have to work in either Jersey City, NJ, or Oklahoma, Acevedo said.

Most of the employees affected worked for Commerce Bancorp, the Cherry Hill, NJ-based bank TD acquired two years ago.

Clients with accounts of $700,000 in investible assets or less were converted TD Ameritrade, while those exceeding that cut-off point, will continue to be serviced by TD Bank’s wealth management division, the paper reported.

Acevedo said the accounts were converted because TD Ameritrade had broader product offerings and services that will now be available to former Commerce customers.