National Bank of Canada Layoffs and Severance Pay

National Bank of Canada (National Bank) is the sixth-largest bank in Canada by market capitalization.

The bank provides a wide range of financial services to individuals, businesses, and institutional clients. These services include personal and commercial banking, wealth management, investment banking, corporate and institutional banking, insurance, and payment solutions.

National Bank has approximately 23,700 employees working out of numerous offices and branches in various provinces and territories.

The company offers a number of jobs, including customer service representatives, financial advisors, investment analysts, risk managers, loan officers, credit analysts, IT professionals, marketing specialists, and many others.

The National Bank of Canada was established in 1859 and is headquartered in Montreal, Quebec. It was created to support the development of Quebec’s economy and to provide banking services to French-speaking Canadians.

Over the years, the bank has expanded its operations and diversified its services to become a significant player in the Canadian banking industry.

Recent layoffs at National Bank

• October 2023: National Bank of Canada has laid off an undisclosed number of employees within its equity research and sales and trading divisions.

Severance for National Bank employees

In Canada, non-unionized employees at National Bank can get up to 24 months of severance pay when they are fired or laid off from their job. This includes individuals working full-time, part-time, and hourly in Ontario, Alberta, or B.C.

Severance is the compensation a non-unionized worker in Canada receives from their employer when they are fired without cause.

Even if you are fired for cause, it’s very likely that you are still entitled to full severance pay because employees often don’t meet the conditions necessary for this type of dismissal.

LEARN MORE
• Severance for provincially regulated employees
• Severance packages in mass layoffs

Regardless of a company’s grasp on employment law, they are legally required to provide proper compensation following a termination.

This concept applies during challenging economic conditions, downsizing, the closure of a business, or major public health events such as the COVID-19 pandemic.

WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.

The employment lawyers at Samfiru Tumarkin LLP have represented numerous banking sector employees in severance package negotiations.

We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry level jobs to executives.

How to properly calculate severance pay

Employers often incorrectly calculate severance pay. There is a belief that severance pay is one week’s pay, two weeks’ pay, or a week for every year of service an employee has with the company.

For non-unionized employees, the main factors of termination or severance pay include age, length of service, position, bonuses, benefits, and the ability to find new work.

If you work at National Bank, you are likely a federally regulated employee. That means your severance package must consider:

• Your minimum severance as a federally regulated employee, as set out by the Canada Labour Code.
• Your full severance pay according to our legal system (common law) which can be as much as 24 months’ pay.

To figure out how much compensation you may be entitled to, use our firm’s Pocket Employment Lawyer.

ADDITIONAL RESOURCES
• Severance Pay in Ontario
• Alberta severance packages
• Understanding severance in B.C.
• Layoffs in Canada

Don’t sign on the dotted line!

Do not accept any severance offer, termination papers, or exit agreement that National Bank may provide you with.

Once you sign back these documents, you eliminate your ability to negotiate a fair and proper severance package.

Generally speaking, if an employee does not receive the proper amount of severance pay when they lose their job, they may be considered to have been wrongfully dismissed. An employment lawyer at Samfiru Tumarkin LLP can analyze your situation and explain how much compensation you may be owed.

Talk to an employment lawyer

The experienced employment law team at Samfiru Tumarkin LLP has helped tens of thousands of non-unionized individuals across the country. In addition to severance package negotiations, our team has experience securing solutions for the following employment matters:

Our lawyers in Ontario, Alberta, and B.C. stand ready to help you solve your workplace issues.

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

Disclaimer: The materials above are provided as general information about the rights of 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.