Canadian Bank Layoffs: What Employees Need to Know

Multiple reports have indicated that Canadian banks are looking to layoff thousands of employees as a result of over-hiring and cost-cutting strategies, suggesting that those laid off bank employees will not be finding a new bank job anytime soon. Bank employment is shrinking throughout most of Canada’s major banks, with most terminated bank employees not being capable of finding a return to the Canadian banking sector in the near future, if ever.

For those laid off by a Canadian bank, a substantive legal review of the bank’s layoff offer should be a top priority, even if this occurs after you have taken the bank’s payout. When the Globe & Mail and Bloomberg began reporting on this trend of employee layoffs in the Canadian banking sector, we undertook a review of publicly-available information pertaining to Canada’s major banks and there are some very strong indicators that laid off bank employees will be offered far less than what they are legally entitled to, with solid legal arguments and support for the realization of significantly greater payouts to bank employees.

Naturally, a terminated bank employee’s individual situation must be assessed against the bank’s proposed layoff package to determine whether or not they are prepared to legally challenge these hundred billion dollar plus financial institutions and their high-priced legal teams, because even though our own legal research and your own employment / termination package should contain all the necessary legal prerequisites for us to succeed, you will also need to be personally comfortable with the legal battle that we may be required to wage.

Applying our substantial legal analysis to your individual employment and termination documentation will in all probability reveal some very shocking financial information, which will be most significant with long-term salaried employees. Within ten to twenty minutes of our legal review, we will be in a position to provide a very thorough perspective as to what can be sought from your former employer and the legal foundation upon which it will stand up in court, in our professional estimation.

However, given how significant those numbers could be, we believe that it is essential to layout the amounts that are properly due to yourself and how we intend to pursue its attainment, which might otherwise appear outrageous and unsubstantiated. Yet, with the bank’s own documents that were personally provided to yourself, we can support each of our calculations and establish its specific legal foundations.

And even where you have already taken the bank’s layoff package, there appears to be the clear legal basis to augment your original payout. I realize that this too might raise a fair degree of skepticism, especially where you were required to sign a written release and other legal documents to attain your exit payout; however, here to, the bank’s own documents should support our legal position.

For those interested, we provide both former and laid off bank employees with the opportunity for a free assessment, undertaken in strict confidence. If we don’t believe that there is a legal case worth pursuing, we’ll be upfront about that. Also, if the legal case would be highly problematic, we’ll advise you as to the issues that we do perceive. Yet, based on our own extensive research and legal work, we believe that in most circumstances there will be significant amounts of money at issue for former and laid off bank employees, which will also enable us to undertake an approach that does not require you to pay out-of-pocket to finance the legal case, but instead is capable of alternate arrangements that enable us to aggressively challenge the major banks and their high-priced legal teams.

For a free confidential initial consultation, contact our law firm at Chris@NeufeldLegal.com or 403-400-4092 / 905-616-8864.

Canada's Schedule 1 Banks: B2B Bank; BMO Financial Group [Bank of Montreal]; The Bank of Nova Scotia [Scotiabank]; Bridgewater Bank; Caisse populaire acadienne ltée (UNI Financial Cooperation); CIBC [Canadian Imperial Bank of Commerce]; Canadian Tire Bank; Canadian Western Bank; Coast Capital Savings Federal Credit Union; CS Alterna Bank; Equitable Bank; Exchange Bank of Canada; Fairstone Bank of Canada; General Bank of Canada; Haventree Bank; Home Bank; HomeEquity Bank; Innovation Federal Credit Union; Laurentian Bank of Canada; Manulife Bank of Canada; motusbank; National Bank of Canada; Peoples Bank of Canada; President's Choice Bank; RFA Bank of Canada; Rogers Bank; RBC Royal Bank of Canada; Simplii Financial; Tangerine; TD Bank Group [Toronto Dominion]; Vancity Community Investment Bank; VersaBank; Wealth One Bank of Canada