Laurentian Bank Layoffs: Nearly 50 jobs cut, exiting equity research

What’s happening at Laurentian Bank?

Laurentian Bank of Canada is scaling back its staffing levels and exiting the equity research business.

“Since December, we have been working hard on revamping our strategic plan to position Laurentian Bank for success in the future,” CEO Éric Provost said in a memo to staff that was seen by Bloomberg.

Provost added that more information on the bank’s updated plan will be provided during an investor event on May 31.

While the exact number of positions affected by the workforce reduction wasn’t included in the memo, a source claims that close to 50 roles were cut.

At the end of October, Laurentian Bank reportedly employed approximately 3,000 people.

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• Deutsche Bank slashing 3,500 jobs to improve operational efficiency
• Citigroup to eliminate 20,000 roles over the ‘medium-term’
• Fidelity International laying off 1,000 workers, part of cost-cutting plan

Termination agreements for Laurentian Bank employees

In Canada, non-unionized employees at Laurentian Bank are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what the Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance pay for banking sector employees
• Rights to severance for federally regulated workers
• Rights to severance during mass layoffs

Major layoffs continue

The job cuts at Laurentian Bank come amid a flurry of layoffs in 2024.

Big names, including Under Armour, Walmart, Bayer, Indeed, Xbox, Kenvue, Hudson’s Bay, Google, Whirlpool, SAP Canada, IBM Canada, Netflix, and Best Buy, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Tesla kicks off May with a fresh round of layoffs
• Rogers cuts jobs, part of April restructuring: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.