EQ Bank Restructuring Confirmed: 8% Workforce Reduction and $85M in Charges

Employees Contacting Samfiru Tumarkin LLP After Workforce Reduction

EQB, the parent company of Equitable Bank and EQ Bank, has announced it is cutting approximately 8% of its workforce and taking $85 million in pre-tax charges as part of a broad restructuring plan aimed at improving efficiency and focusing on higher-return business lines (Newswire.ca).

The Toronto-based lender confirmed that the changes will affect its fourth-quarter 2024 results, with workforce reductions to be largely completed by year-end.

“We are executing a future-focused plan that concentrates capital and talent where we have leading opportunities for growth and competitive advantage as Canada’s Challenger Bank,” said Chadwick Westlake, President and CEO of EQB (official press release). “These decisive, yet difficult, decisions focus our efforts and improve productivity to drive positive operating leverage and an improved efficiency ratio as we capture the profitable opportunities ahead and generate strong ROE.”

Restructuring Costs

The program includes roughly $20 million in restructuring and severance costs and $65 million in impairment charges.

Several affected employees have contacted Samfiru Tumarkin LLP to review their

The program includes roughly $20 million in restructuring and severance costs and $65 million in impairment charges, including $28 million tied to intangible assets and $24 million related to EQB’s equipment financing business.

Several affected employees have contacted Samfiru Tumarkin LLP to review their termination and severance packages and to better understand their legal rights following the cuts. 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.