Inside the EQ Bank 2025 Restructuring: What Employees are Reporting

Employees Contacting Samfiru Tumarkin LLP After Workforce Reduction

EQ Bank has reportedly reduced its workforce by about 8%, with affected employees confirming that notices were delivered on Oct. 22, 2025

Several individuals have since contacted Samfiru Tumarkin LLP to review their termination and severance packages and to better understand their legal rights.

The Toronto-based digital bank — part of Equitable Bank — is said to be implementing this restructuring to streamline operations and control costs amid changing market conditions. Departments across multiple business lines have reportedly been impacted.

Legal Insight

“We’re hearing from multiple EQ Bank employees caught off guard by this announcement,” said Lior Samfiru, National Co-Managing Partner at Samfiru Tumarkin LLP.

“Many people assume that a layoff automatically means they have to accept what’s offered — but under Canadian law, that’s rarely the case. Even in restructuring situations, employees are often owed significantly more severance pay than the company initially provides.”

Why EQ Bank is Restructuring

EQ Bank’s decision follows a broader industry pattern of Canadian financial institutions adjusting to slower growth, rising expenses, and ongoing digital transformation.

Like other lenders, the bank appears to be reallocating resources toward technology and efficiency initiatives that support long-term profitability.

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Lost Your Job? Get Help Now

📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

Our experienced employment lawyers in Ontario, Alberta, and British Columbia (BC) have helped tens of thousands of non-unionized individuals resolve their workplace issues, including wrongful dismissals.

If you’ve lost your job at EQ Bank for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

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.