EQ Bank Layoffs 2025 – Severance Pay & Employee Rights

EQ Bank Cutting 8% of Workforce

EQB, the parent company of Equitable Bank and EQ Bank, has confirmed it will cut approximately 8% of its workforce and take $85 million in pre-tax charges as part of a broad restructuring plan designed to improve efficiency and focus on higher-return business lines (Newswire.ca).

The program includes roughly $20 million in restructuring and severance costs and $65 million in impairment charges, including $28 million related to intangible assets and $24 million tied to its equipment financing business (official press release).

Prior to the official announcement on Oct. 22, several affected employees contacted Samfiru Tumarkin LLP for a review of their severance packages to ensure they receive full compensation under Canadian employment law.

Part of a Larger Banking Sector Trend

The layoffs at EQ Bank are part of a broader pattern of workforce reductions across Canada’s major financial institutions in 2025.

In recent months, Samfiru Tumarkin LLP has tracked multiple restructuring efforts at leading Canadian banks, including confirmed Scotiabank layoffs and cuts at other national lenders. These moves reflect an industry-wide effort to streamline operations, manage costs, and adapt to changing economic conditions.

EQ Bank’s decision to trim its workforce follows similar trends as institutions respond to slower growth, higher borrowing costs, and continued digital transformation pressures.

Severance Pay for EQ Bank Layoffs in Canada

If you’re a non-unionized EQ Bank employee in Canada, you may be entitled to up to 24 months’ pay as severance in Canada when you are let go.

How Severance is Calculated

Several factors determine what you’re owed, including:

• Age
• Length of service
• Position or seniority
• Ability to find similar work (job market conditions)

What a Fair Package Should Include

A proper and fair severance package at EQ Bank must cover:

• Salary
• Bonuses & commissions
• Benefits & pension contributions
• RSUs, stock options, incentive pay
• Vacation pay & allowances

Not Always Called a Layoff

Sometimes EQ Bank (and other large employers) avoid calling it a layoff by cutting pay, reducing responsibilities, or reassigning employees. In Canada, these changes may qualify as constructive dismissal — which is legally treated the same as a termination and may entitle you to full severance pay.

Severance Success Stories – Our Track Record

We’ve negotiated significant results for employees at major corporations, including:

• ✅ 24 months’ severance for a long-term professional after refusing unfair new terms post-acquisition. See our win →
• ✅ 6 months’ severance for a short-term executive pressured to sign an unfair release after termination. See our win →
• ✅ 4 months’ severance for an employee terminated after just eight months in a senior role. See our win →

Our clients are often surprised by how much they’re legally owed after being wrongfully dismissed — and legal fees are often covered by the employer.

FAQs on EQ Bank Layoffs

Speak to an Employment Lawyer About EQ Bank Layoffs

If you’ve been impacted by EQ Bank layoffs in Canada, don’t sign anything before seeking legal advice.

At Samfiru Tumarkin LLP, we:

• 👥 Represented 50,000+ Canadians
• 💰 Secured millions in severance payouts
• ⚖️ Settle over 99% of cases out of court
• ⭐ Earned 3,000+ 5-star Google reviews
• 🏆 Named one of Canada’s Best Law Firms

📞 Call us at 1-855-821-5900 or request a consultation online.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.