Barclays Canada: Severance Packages

Barclays is a multinational financial services company headquartered in London, United Kingdom. It is one of the largest and oldest banks in the world, with a history dating back to 1690.

Barclays provides a wide range of financial products and services in Canada, including retail and commercial banking, investment banking, wealth and asset management, and corporate banking.

Barclays operates in Canada through offices in Toronto, Ontario and Calgary, Alberta.

Roles at Barclays include controllers, investment bankers, financial analysts and advisors, accountants, customer service representatives, human resources employees, marketing specialists, operations and project managers, administrative staff, and various executive positions.

Recent layoffs at Barclays

• March 2024: Barclays is reportedly planning to eliminate hundreds of roles in its investment banking division.
• January 2024: Barclays reportedly slashed its workforce by around 5,000 jobs in 2023 as part of a major cost-cutting drive.
• September 2023: Barclays is laying off 450 employees in the U.K., with potential for an additional five per cent cut to its global workforce.

Severance pay for employees at Barclays Canada

In Canada, non-unionized employees at Barclays can get up to 24 months of severance pay when they are fired or laid off from their job.

This includes individuals working full-time, part-time, and hourly in Ontario, Alberta, or B.C.

Severance is the compensation a non-unionized worker in Canada receives from their employer when they are fired without cause.

Even if you are fired for cause, it’s very likely that you are still entitled to full severance pay because employees often don’t meet the conditions necessary for this type of dismissal.

LEARN MORE
• Severance pay for banking sector employees
• Rights to severance for federally regulated workers
• Severance packages for provincially regulated employees

Regardless of a company’s grasp on employment law, they are legally required to provide proper compensation following a termination.

This concept applies during challenging economic conditions, downsizing, the closure of a business, or major public health events such as the COVID-19 pandemic.

WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.

The employment lawyers at Samfiru Tumarkin LLP have represented tens of thousands of employees over the years in severance package negotiations.

• LEARN MORE: Severance pay by company

We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry level jobs to executives.

How to properly calculate severance pay

Employers often incorrectly calculate severance pay. There is a belief that severance pay is one week’s pay, two weeks’ pay, or a week for every year of service an employee has with the company.

For non-unionized employees, the main factors of termination or severance pay include age, length of service, position, bonuses, benefits, and the ability to find new work.

To figure out how much compensation you may be entitled to, use our firm’s Pocket Employment Lawyer.

ADDITIONAL RESOURCES
• Severance Pay in Ontario
• Alberta severance packages
• Understanding severance in B.C.
• Layoffs in Canada

Don’t sign on the dotted line!

Do not accept any severance offer, termination papers, or exit agreement that Barclays may provide you with.

Once you sign these documents, you eliminate your ability to negotiate your severance package.

Generally speaking, if an employee doesn’t receive the proper amount of severance pay when they lose their job, it’s possible that they have been wrongfully dismissed.

An employment lawyer at Samfiru Tumarkin LLP can review your situation and explain how much compensation you are legally entitled to.

Talk to an employment lawyer

The knowledgeable employment law team at Samfiru Tumarkin LLP has helped tens of thousands of non-unionized individuals across the country.

In addition to severance package negotiations, our lawyers have experience securing solutions for the following employment matters:

Our lawyers in Ontario, Alberta, and B.C. stand ready to help you solve your workplace issues.

If you are a non-unionized employee who needs help with an employment issue, contact us or call 1-855-821-5900 to get the advice you need, and the compensation you deserve.

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.