CPP Investments Layoffs 2026: Job Cuts & Severance

CPP Investments is reportedly laying off dozens of employees following a restructuring announced on November 10, 2026. The Toronto-based investment manager is combining its Active Equities division with Capital Markets and Factor Investing after several years of disappointing performance.

The Globe and Mail reported the layoffs, citing two sources familiar with the decision. CPP Investments confirmed the departmental merger but hasn’t publicly disclosed how many employees will lose their jobs or which offices are affected.

Laid off by CPP Investments (CPPIB)? Your severance package should reflect your full compensation, including salary, bonuses, deferred incentives and benefits. Experienced investment professionals and executives can be owed substantial compensation when terminated without cause.

Latest CPP Investments Layoffs: What Happened In November 2026?

On November 10, 2026, The Globe and Mail reported that the Canada Pension Plan Investment Board (CPPIB) was laying off dozens of employees from its Active Equities division.

CPP Investments is merging that division with Capital Markets and Factor Investing to establish a new department called Active Public Markets.

• Jobs affected: Dozens of employees are reportedly being laid off, although CPP Investments hasn’t confirmed an exact number.
• Division: The reductions involve Active Equities, which invests in publicly traded and soon-to-be-listed companies.
• New structure: Active Equities and Capital Markets and Factor Investing are being combined into Active Public Markets.
• Leadership: Heather Tobin will lead the combined department. Frank Ieraci, who previously headed Active Equities, is stepping back and will remain a senior adviser through the end of 2026.
• Other positions: Some affected employees may move to other departments, according to the reporting.

CPP Investments confirmed the new department and leadership changes in its November 10 financial and operational update.

Important: The reported layoffs and the organization’s confirmed restructuring are related, but CPP Investments hasn’t independently published a final layoff count.

Why Is CPP Investments Cutting Jobs?

The restructuring follows several years of poor investment results in CPP Investments’ Active Equities division.

The strategy recorded a net loss of approximately $3.5 billion in fiscal 2026 and $6 billion over the preceding five years, according to the organization’s financial reporting.

By combining its investment teams, CPP Investments says it intends to bring related strategies together, improve diversification and strengthen long-term performance.

The organization hasn’t publicly stated that the restructuring is intended to achieve a specific payroll reduction or severance savings target.

For employees, an investment strategy’s performance doesn’t eliminate the right to proper compensation following termination.

Previous CPP Investments Workforce Changes

The November 2026 announcement follows earlier changes to CPP Investments’ investment teams and senior leadership.

• November 2026: Dozens of layoffs were reported in Active Equities as two investment divisions were combined.
• August 2026: Bloomberg reported several senior-level departures across investment risk, credit, real assets and sustainable energy teams. CPP Investments said the departures included both voluntary and involuntary exits.
• Fiscal 2026: CPP Investments reported 2,084 employees, compared with 2,125 a year earlier. That change in headcount doesn’t represent a confirmed number of layoffs.

The latest restructuring is a distinct development involving the organization’s public-market investment activities.

How Much Severance Does CPP Investments Owe Employees?

Non-unionized CPP Investments employees terminated without cause can be owed substantial severance, potentially reaching 24 months’ compensation.

What you’re owed depends on your age, years of service, position, compensation, employment agreement and applicable employment law.

Senior investment professionals, portfolio managers, analysts, directors and executives often receive compensation that extends far beyond their base salaries.

A severance review should therefore examine your entire compensation arrangement, including outstanding incentive payments and deferred awards.

Use our free Severance Pay Calculator to get an initial estimate of your compensation following termination.

What Happens To Bonuses And Deferred Incentive Compensation?

For CPP Investments employees, bonuses and deferred compensation can represent a significant portion of total pay.

Before accepting a severance package, have the following reviewed:

• Annual bonuses: Outstanding performance payments and incentives earned during the year.
• Deferred incentives: Awards scheduled to vest or become payable after your termination date.
• Long-term incentives: Compensation tied to multi-year investment performance.
• Pension contributions: Employer contributions and retirement-related compensation.
• Benefits: Health, insurance and other compensation provided during employment.

Lost bonuses and incentive payments can form part of a severance claim, depending on the terms of the compensation plans and applicable law.

Don’t assess your CPP Investments severance package by salary alone.

What If CPP Investments Offers You Another Position?

Some employees affected by the restructuring may have opportunities to move into other departments.

You don’t automatically have to accept a substantially different position. But refusing reasonable alternative employment can affect a severance claim.

Before deciding, review whether the new job changes your:

• Salary, bonuses or investment incentives
• Position, seniority or reporting relationships
• Responsibilities and investment mandate
• Employment contract or termination provisions

A substantial demotion, pay cut or major change to your employment can amount to constructive dismissal.

Don’t resign, refuse a transfer or sign a new agreement before understanding your options.

Does CPP Investments Have To Pay Severance During Restructuring?

Yes. Restructuring an investment division doesn’t automatically eliminate an employer’s severance obligations.

If CPP Investments terminates your employment without cause, it must comply with its legal obligations.

Because CPP Investments was created by federal legislation, the applicable employment standards and legal remedies should be reviewed carefully rather than assuming the same rules apply to every employee.

Your employment agreement, position and applicable law all matter when determining what compensation you can pursue.

What Should CPP Investments Employees Do Before Signing?

1. Keep your documents. Save your termination letter, employment agreement, severance offer and incentive-plan documents.
2. Review your full compensation. Include deferred bonuses, long-term incentives, pension contributions and benefits.
3. Have your package reviewed. Understand your legal options before accepting a new position or signing a release.

Having your severance reviewed doesn’t mean taking CPP Investments to court. We resolve the vast majority of severance disputes through negotiation.

Samfiru Tumarkin LLP represents non-unionized employees in Ontario, Alberta and British Columbia. Our employment lawyers help financial professionals, managers, executives and other employees get what they’re owed.

CPP Investments Layoffs: Common Questions

Is CPP Investments Laying Off Employees In 2026?

Yes, according to November 10 reporting by The Globe and Mail. Dozens of employees are reportedly being laid off as CPP Investments combines its Active Equities and Capital Markets and Factor Investing divisions.

How Many CPP Investments Employees Are Being Laid Off?

Dozens of jobs are reportedly being eliminated, but CPP Investments hasn’t disclosed a confirmed total or a detailed location breakdown.

Why Is CPPIB Restructuring Its Active Equities Division?

The division has experienced several years of poor performance. CPP Investments is combining Active Equities with Capital Markets and Factor Investing to create Active Public Markets.

Can CPP Investments Employees Receive 24 Months’ Severance?

Non-unionized employees terminated without cause can be owed substantial compensation, potentially reaching 24 months, depending on their employment circumstances, contract and applicable law.

Does CPP Investments Severance Include Deferred Bonuses?

Deferred bonuses and long-term incentive awards can affect what you’re owed. Their treatment depends on your compensation agreements and applicable law.

Do CPPIB Layoffs Affect Canada Pension Plan Payments?

The reported layoffs concern staff at CPP Investments, which manages Canada Pension Plan assets. They do not change the rules determining Canadians’ CPP retirement or disability benefit payments.

This article does not suggest wrongdoing by CPP Investments. Samfiru Tumarkin LLP is an independent law firm and is not affiliated with the organization.

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.