Does CIBC offer enhanced severance packages?

Yes—but these offers are often designed to minimize what CIBC pays. You may be owed significantly more than what’s initially offered, especially if your severance doesn’t include bonuses, commissions, or benefits continuation.

Can CIBC lay me off without notice?

Only if you’re given adequate severance pay. If you’re not properly compensated, it may be a case of wrongful dismissal—even in a restructuring.

What if I was let go just before bonus season?

You may still be entitled to a pro-rated bonus or even the full bonus, depending on the terms of your employment and how long you worked during the bonus year.

Do I have to accept the first severance offer?

No. You’re under no obligation to sign immediately—and in most cases, you shouldn’t. Legal review is essential to ensure you’re getting everything you’re owed.

Employment Law

CIBC Layoffs: Job Cuts in 2025 and What Employees Should Know

February 5, 2026

The Canadian Imperial Bank of Commerce (CIBC) has carried out significant workforce reductions in recent years, including more than 500 job cuts in Toronto in 2025 and nearly 2,400 roles eliminated in fiscal 2023.

As one of Canada’s largest banks, CIBC layoffs often form part of broader restructuring and efficiency initiatives. For employees affected by these reductions, understanding what happened — and what their rights are — is critical before accepting any severance offer.

This page explains:

How many employees were affected
When the layoffs occurred
Why CIBC cut jobs
What federal employment law requires
What employees should know before signing a severance package

How Many Employees Did CIBC Lay Off?

May 2025: More Than 500 Jobs Cut in Toronto

In May 2025, CIBC eliminated more than 500 positions at its credit card call centre in Toronto as part of an operational restructuring.

The cuts were tied to efforts to streamline operations and improve efficiency within the bank’s credit card services division.

Following the announcement, multiple affected employees sought legal advice regarding their severance packages.

Fiscal 2023: Nearly 2,400 Jobs Eliminated

CIBC’s financial results released on November 30, 2023 showed that the bank reduced its workforce by nearly 2,400 roles over the fiscal year — approximately 5% of its total workforce at the time.

The reductions were linked to cost-control measures and efficiency initiatives as the bank navigated economic headwinds and shifting market conditions.

Together, these reductions reflect a multi-year pattern of workforce restructuring.

Why Is CIBC Cutting Jobs?

CIBC has framed its workforce reductions as part of broader strategic initiatives designed to:

Improve operational efficiency
Reduce expenses
Reallocate resources to higher-growth areas
Enhance digital capabilities
Streamline internal processes

Like other major Canadian banks, CIBC continues to adapt its workforce in response to evolving technology, competitive pressures, and profitability targets.

Importantly, layoffs can occur even during profitable periods. Large financial institutions frequently adjust staffing levels as part of long-term strategy rather than short-term crisis.

Are CIBC Layoffs Happening Across Canada?

While the May 2025 reductions focused on Toronto, CIBC operates nationally and internationally. Workforce reductions tied to restructuring initiatives may affect employees in multiple provinces.

CIBC is a federally regulated employer. The Canada Labour Code governs most non-unionized CIBC employees, not provincial employment standards legislation.

This distinction can significantly affect termination rights and severance entitlements.

What CIBC Employees Should Know After a Layoff

If CIBC laid you off, keep the following in mind:

The bank rarely offers the maximum severance amount up front
Initial offers often exclude bonuses or incentive compensation
Federal protections may provide stronger rights than provincial minimums
You can often negotiate deadlines in termination letters

When CIBC restructures, it typically presents employees with a CIBC severance package that may not reflect their full legal entitlement.

Understanding your rights before signing a release is critical.

📲 Check your severance entitlement before you sign.

CIBC Layoffs: Frequently Asked Questions

Is CIBC laying off employees in 2025?

Yes. In May 2025, CIBC eliminated more than 500 jobs at its Toronto credit card call centre as part of restructuring efforts.

How many employees has CIBC cut in recent years?

CIBC reduced its workforce by nearly 2,400 roles in fiscal 2023 and cut more than 500 additional jobs in 2025.

Why is CIBC restructuring?

CIBC has cited efficiency improvements, cost reduction, digital transformation, and resource reallocation as key drivers.

Are CIBC employees covered by federal law?

Yes. Most non-unionized CIBC employees fall under the Canada Labour Code.

Does CIBC have to provide severance pay?

In most cases, yes. Employees terminated without cause are entitled to compensation.

Get Clarity Before You Accept Any Offer

Large restructuring announcements often create pressure to sign quickly.

If you’ve received a severance offer following CIBC layoffs, take time to understand your legal position before accepting.

A brief review can confirm whether your compensation reflects what you’re legally owed — not just what’s being offered.

➡️ Speak to an employment lawyer at Samfiru Tumarkin LLP before signing anything..

Laid Off by CIBC? Don’t Sign Your Severance Package Yet

A quick review can confirm whether your package reflects what you’re actually owed — including bonuses, benefits, and other pay.

Speak to an Employment Lawyer

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.