Desjardins Layoffs: Severance Pay & Employee Rights

Hundreds of Desjardins employees have been impacted by layoffs as the financial services co-operative restructures amid economic uncertainty and a shift toward online banking.

In October 2023, Global News reported that Desjardins Group cut nearly 400 jobs, or roughly 0.6% of its workforce, citing inflation, market volatility, and efforts to streamline operations after major investments in technology. A few months later, CBC News revealed that the company plans to close about 30% of its branches and ATMs in Quebec and Ontario by 2027 — a move that could further reduce local staffing levels.

Impact on Employees

Desjardins said decisions on which service centres to close will be made by individual credit union boards, but many employees and community members have voiced concern about the loss of in-person service and its effect on smaller towns.

Wider Layoffs

The layoffs and branch reductions come as Canada’s banking sector continues to cut costs, with other major institutions also trimming staff following heavy hiring during the pandemic.

Desjardins Severance Pay – What Employees Should Know

If you’re a non-unionized Desjardins 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 Desjardins must cover:

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

Not Always Called a Layoff

Sometimes Desjardins (and other 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 Desjardins Layoffs

Speak to an Employment Lawyer About Desjardins Layoffs

If you’ve been impacted by Desjardins 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.