Citi Canada: Severance Packages

Citibank Canada, operating as Citi Canada, is a subsidiary of Citigroup, the well-known global financial services company headquartered in the United States. Citi Canada provide a wide range of financial products and services, including banking, investment, and wealth management services.

The headquarters for Citi Canada is located in Toronto, Ontario, with additional offices in Mississauga, Vancouver, and Calgary. The company employs over 2,000 people through a network of over 200 branches across the country.

Roles at Citi Canada include controllers, investment bankers, financial analysts and advisors, data analysts, accountants, software engineers, customer service representatives, human resources employees, marketing specialists, operations and project managers, IT specialists, administrative staff, and executive positions.

The origins of parent company Citigroup date back to 1812, when City Bank of New York was chartered in New York state. The company became First National City Corporation, before being renamed Citicorp in 1974. The bank merged with Travelers in 1998 to form Citigroup. Citi Canada was founded in Toronto in 1919.

Recent layoffs at Citigroup

• January 2024: Citigroup plans to eliminate 10 per cent of its workforce, or 20,000 jobs, over the “medium-term.” Reports claim this could be a three- to five-year period.
• November 2023: Citigroup has reportedly begun to scale back its staffing levels as the bank streamlines its business.
• September 2023: Citigroup says that it will eliminate multiple management positions and cut jobs in the near future.

Severance for Citi Canada employees

In Canada, non-unionized employees at Citi Canada 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 for provincially regulated employees
• Severance packages in mass layoffs

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 numerous bank employees in severance package negotiations.

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.

If you work at Citi Canada, you are likely a federally regulated employee. That means your severance package must consider:

• Your minimum severance as a federally regulated employee, as set out by the Canada Labour Code.
• Your full severance pay according to our legal system (common law) which can be as much as 24 months’ pay.

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 Citi Canada may provide you with.

Once you sign back these documents, you eliminate your ability to negotiate a fair and proper severance package.

Generally speaking, if an employee does not receive the proper amount of severance pay when they lose their job, they may be considered to have been wrongfully dismissed. An employment lawyer at Samfiru Tumarkin LLP can analyze your situation and explain how much compensation you may be owed.

Talk to an employment lawyer

The experienced 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 team has 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 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.