TD Waterhouse Group Inc is plans to cut costs by closing its Vancouver call centre according to a story in Wednesday’s Globe and Mail.

The discount brokerage also plans to stop trading through its Halifax, Winnipeg, Quebec City and Windsor, Ont., branches on June 14. The cuts will effect about 120 of its investment reps..

According to the Globe, the four branches each have about 10 to 12 people on staff, while the Vancouver call centre employs about 85 people.

The report says the employees will be offered jobs at call centres in Ottawa, Edmonton and Markham, Ont., or in Toronto-Dominion Bank’s retail banking operations.

The call centres will handle the trading for clients who have been dealing with individual representatives in the branches.

John See, president of TD Waterhouse’s Canadian operations, said Wednesday that the branches will be replaced by “business development offices” — smaller marketing and investor education units staffed by a handful of employees.