Portland-based TD Banknorth will layoff 400 workers and close 24 branches as part of a restructuring designed to rein in expenses, the banking company said Friday morning.

The company did not immediately say where the employees cuts would be made, but most of TD Banknorth’s management and back office operations are in Maine.

None of the branches being closed are in Maine, however. The company said 13 branches in New Jersey, four in Connecticut, three in New York, two in Pennsylvania and two in Massachusetts would be closed or consolidated.

TD Banknorth said the restructuring is driven by a difficult banking environment in general and rising expenses. It costs the company 57 cents to generate a dollar of revenue, up from a norm of 50 cents, said Bharat Masrani, TD Banknorth’s president and chief operating officer.