Questrade announces strategic cuts amid November 2024 restructuring

What’s happening at Questrade?

On November 29, 2024, Questrade, a leading online brokerage firm headquartered in Toronto, announced significant layoffs as part of a strategic restructuring effort. While the company has not disclosed to the Canadian Press the number of affected employees or specific roles, departments such as customer service, technology, and compliance have been impacted.

Questrade emphasized that the cuts are not due to financial instability but rather reflect a long-term business strategy to maintain competitiveness in Canada’s increasingly crowded financial services industry. Reports suggest that employees at the Toronto headquarters, as well as other offices across Canada, may be affected by these changes.

Official statements and market context

Strategic Realignment: In an official statement, Questrade emphasized that its business remains “healthy” and that the layoffs are part of a “strategic realignment” to sustain its competitive edge.

• Major banks are introducing no-commission trading platforms and low-cost robo-advisors, increasing competition for Questrade.
• Competitor Wealthsimple has grown rapidly, managing over $50 billion in assets by 2023, up from $6 billion in 2019.
• Questrade has seen significant growth in recent years, with assets under administration rising to over $60 billion from $9 billion just five years ago. Despite this, maintaining market share in Canada’s online investing space remains a challenge.

SEE ALSO: Layoffs in Canada: Which Employers are Slashing Staff?

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