Employment Law

Stifel Financial Layoffs: Calgary office shut, Toronto investment bank jobs cut

A sheet displaying financial information, possibly for Stifel Financial, sits on top of the stock section of a newspaper.

What’s happening at Stifel Financial?

Stifel Financial has closed its Calgary office, marking the end of its presence in energy investment banking within Canada’s oil patch.

The firm also laid off several investment bankers and analysts in Toronto as part of a broader restructuring effort.

The Calgary office shutdown signifies a major step back in Stifel’s Canadian operations.

The layoffs affected key personnel, including Stifel’s Canadian heads of sales and trading, and at least one senior investment banker.

Company statement

“We have made the difficult decision to scale back some operations in Canada, which includes closing our Calgary office,” said Neil Shapiro, Stifel’s head of corporate communications, in an emailed statement.

“Unfortunately, current market conditions and operations costs necessitate this action.” He added, “Stifel remains committed to the Canadian market, serving clients with a full range of investment-banking services out of our Montreal, Toronto and Vancouver offices.”

Additional Changes

Keefe Bruyette & Woods, Stifel’s research arm, has suspended its coverage of Canadian banks and financial service firms following the departure of the covering analyst.

This move further highlights the scale of Stifel’s restructuring in Canada.

Historical Context

The closure of the Calgary office ends an era of energy banking that began with FirstEnergy Capital Corp., a well-known Canadian oil and gas boutique investment dealer founded by billionaire Murray Edwards and partners, including Dragon’s Den star W. Brett Wilson.

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

Termination agreements for Stifel Financial employees

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

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and 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.

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

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Major layoffs continue

The job cuts at Stifel Financial 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.

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.

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