Scotiabank Layoffs 2025: What You’re Owed & How to Get It

Scotiabank layoffs have impacted thousands of employees across Canada and beyond in recent years. If you’ve recently been let go – or believe your job may be at risk – you may be entitled to substantial severance pay under Canadian employment law.
This guide explains what Scotiabank employees need to know about their rights, how severance is calculated, and the critical steps to take before accepting any package.
Scotiabank has not publicly reported a mass layoff in 2025. In October 2023, the bank cut its global workforce by approximately three per cent to “streamline operational processes.”
Scotiabank also tends to lay off employees in the fall ahead of annual bonus payouts.
Table of Contents
2. Severance Pay Overview
3. How Severance Is Calculated
4. Timeline of Scotiabank Layoffs
5. How to Maximize Your Severance
6. Employer Tactics to Watch For
7. Real Legal Cases Involving Scotiabank
8. FAQs About Scotiabank Layoffs
9. Additional Resources
10. Legal Review You Can Trust
Why Scotiabank Employees Are Covered by Federal Law
Bank of Montreal (Scotiabank) is one of Canada’s largest financial institutions, operating nationwide and across the U.S. Because Scotiabank is a federally regulated employer, its employees are protected by the Canada Labour Code (CLC) — not a province’s Employment Standards.
This distinction gives non-unionized Scotiabank employees access to stronger legal protections—particularly around terminations and severance rights.
Key rights under the CLC include:
- ✔️ Protection from dismissal without just cause (for most non-managerial employees with 12+ months of service)
- ✔️ The ability to file an unjust dismissal complaint under Division XIV
- ✔️ Potential reinstatement to your role in some cases
- ✔️ Additional compensation for damages or lost income
Your rights as a Scotiabank employee are different from most workers in Canada. If you’ve been laid off, the CLC gives you greater legal leverage to secure full severance pay — and potentially more.
Severance Pay Overview for Scotiabank Employees
If you’re a non-unionized employee at Scotiabank and have been laid off, you’re likely entitled to more than the minimum standards listed in your termination letter. Under Canadian law, full severance pay can be worth as much as 24 months’ salary – and must reflect your personal circumstances, not just company policy.
What Scotiabank Severance Should Include:
- ✔️ Base salary
- ✔️ Bonuses (earned and pro-rated)
- ✔️ Commissions
- ✔️ Benefits continuation
- ✔️ Vacation pay
- ✔️ Pension contributions
- ✔️ Car allowance or other perks
Even if you’re classified as an “independent contractor,” you could still qualify for severance if you’ve been misclassified.
Many Scotiabank employees are offered far less than what the law actually requires. The first offer is rarely the best one.
How Scotiabank Calculates Severance Pay
Severance pay is not a flat rate. Scotiabank employees are entitled to severance based on several personal factors that reflect how difficult it may be for them to secure comparable work.
The most common factors include:
- ✔️ Length of service – More years often means more pay. However, short-service workers are often owed disproportionately larger severance packages than longer-serving employees.
- ✔️ Age – Older employees receive more due to job market challenges.
- ✔️ Position – Senior or specialized roles tend to result in higher severance.
- ✔️ Total compensation – Includes not just salary, but bonuses, commissions, and benefits.
- ✔️ Job prospects – If your role is niche or limited in the market, you are entitled to more.
Every case is different – use our FREE Severance Pay Calculator to get a personalized estimate in minutes.
Timeline of Scotiabank Layoffs
Scotiabank has conducted multiple rounds of layoffs over the past decade, often tied to restructuring, cost-cutting, and shifting business strategy. These job cuts have impacted employees at all levels – both in Canada and abroad.
Below is a timeline of notable layoffs at Scotiabank:
- October 2023: Scotiabank is reducing its global workforce by approximately three per cent as it continues to look for ways to “streamline operational processes.”
- February 2023: Samfiru Tumarkin LLP has been contacted by several Scotiabank employees who claim that the bank is laying off a substantial number of workers.
- October 2015: Scotiabank is laying off an undisclosed number of workers as part of a broader cost-reduction strategy.
This timeline is updated regularly as new Scotiabank layoff developments arise. Bookmark this page and follow our blog for the latest news.
How to Maximize Your Severance
If you’ve been laid off by Scotiabank, it’s critical not to accept their first offer without understanding your full legal rights. Most employees are offered far less than what they’re actually owed, which can be up to 24 months’ pay – especially when bonuses, commissions, or benefits are left out.
Here’s how to protect your financial future and maximize your severance:
1. Don’t sign anything right away.
Scotiabank may give you a tight deadline, but it’s not legally binding.
2. Review your total compensation.
Severance isn’t just about salary – include bonuses, commissions, vacation pay, car allowance, and more.
3. Negotiate enhancements.
You may be able to push for extended health benefits, additional compensation, or even outplacement services.
4. Document everything.
Keep copies of all severance offers, termination letters, and communication with Scotiabank’s HR department.
4. Get a legal opinion.
An employment lawyer at Samfiru Tumarkin LLP can identify issues in your package that you will miss on your own.
Employer Tactics to Watch For
When a company like Scotiabank initiates a layoff, the goal isn’t just operational efficiency – it’s also cost containment. That often means offering lowball severance packages or pressuring employees to accept quickly. Here are the most common tactics to watch for:
Common Strategies Employers Use During Layoffs:
- ⚠️ Pressure to sign quickly: Scotiabank may set a deadline (e.g. 5 business days) – but this is not legally binding.
- ⚠️ Low initial offers: Many severance packages start far below what’s owed by law.
- ⚠️ Excluding bonuses or commissions: These are often left out, even if you earned them before the layoff.
- ⚠️ Misclassification as a contractor: Some workers are told they aren’t “employees” when in fact they are entitled to full severance.
- ⚠️ Termination clauses: Your employment contract may contain language that attempts to reduce the severance you are owed. In many cases, these clauses are unenforceable.
- ⚠️ Allegations of ‘just cause’: Some employers claim you were fired for misconduct to try to avoid paying severance – often without legal basis.
Always get legal advice from Samfiru Tumarkin LLP before signing – even if your termination was “without cause” or seems straightforward.
Real Legal Cases Involving Scotiabank
Employment lawyers at Samfiru Tumarkin LLP resolve nearly all severance matters without going to court — securing strong compensation quickly and efficiently. But when needed, our team has successfully held Scotiabank accountable in legal proceedings for terminations that violated employee rights. These cases show what’s possible when employers overstep — and what our firm is prepared to do.
🟢 PD v. The Bank of Nova Scotia
In this case, Scotiabank accused a part-time teller of theft and terminated her for cause. Employment lawyer Stephen LeMesurier successfully proved that the allegations were unfounded.
The adjudicator ordered her reinstatement, awarded full back pay, and granted $5,000 in moral damages for the mental distress she suffered. Scotiabank wasl also ordered to pay $90,466.40 in legal costs.
Key Takeaway: Even if you’re fired “for cause,” you still have rights. Our lawyers know how to challenge false allegations – and win.
🟢 RS v. The Bank of Nova Scotia
Scotiabank claimed that RS had abandoned his job and terminated his employment. But after hearing arguments from employment lawyer Stephen LeMesurier, the adjudicator rejected the bank’s position and ordered that RS be reinstated with full back pay.
Key Takeaway: Allegations of job abandonment can be challenged – especially under the Canada Labour Code. Our lawyers know how to set the record straight and restore what was lost.
FAQs About Scotiabank Layoffs
Does Scotiabank offer enhanced severance packages?
Yes – but those packages are often designed to minimize what Scotiabank pays. You may be owed significantly more than what’s initially offered, especially if your severance doesn’t include bonuses, commissions, or benefits continuation.
Can Scotiabank lay me off without notice?
Only if you’re given adequate severance pay. If you’re not properly compensated, it may be a case of wrongful dismissal, even in a restructuring.
What if I was let go just before bonus season?
You may still be entitled to a pro-rated bonus or even the full bonus, depending on the terms of your employment and how long you worked during the bonus year.
Do I have to accept the first severance offer?
No. You’re under no obligation to sign immediately – and in most cases, you shouldn’t. Expert legal review is essential to ensure you’re getting everything you’re owed.
These FAQs cover only the basics – your situation is unique. Speak to an employment lawyer at Samfiru Tumarkin LLP before signing anything from Scotiabank.
Additional Resources for Scotiabank Employees
Learn more about your severance rights and how the law applies to layoffs in banking and federally regulated industries:
- Severance for federally regulated employees
- Severance pay in mass layoffs
- Severance for banking industry employees
- Understanding layoffs in Canada
- Severance rules in Ontario
- Severance rules in Alberta
- Severance rules in British Columbia
Legal Review You Can Trust
This guide was prepared by Samfiru Tumarkin LLP — Canada’s top-rated employment law firm for non-unionized employees. We’ve helped over 50,000 people secure compensation after job loss, and we’re the most positively reviewed law firm in the country, with 2,000+ five-star Google reviews.
Samfiru Tumarkin LLP has extensive experience helping employees who have been laid off or terminated by Scotiabank. Our lawyers are deeply familiar with the severance packages, termination clauses, and legal terms Scotiabank commonly includes — and we know how to improve them.
We also understand the unique legal challenges that come with federally regulated employers. Our team has successfully handled cases involving wrongful dismissal, constructive dismissal, and unfair severance negotiations.
Trusted by Thousands. Respected Nationwide.
We’ve represented employees at every major bank in Canada – including RBC, Scotiabank, CIBC, and Scotiabank.
If you’ve been let go by Scotiabank, speak to an experienced employment lawyer at Samfiru Tumarkin LLP before signing anything.
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.