UBS Canada: Severance Packages
UBS Canada is the Canadian subsidiary of UBS Group AG (UBS), a multinational investment bank and financial services company based in Zurich, Switzerland.
Services: UBS Canada provides services in areas such as wealth management, investment banking, asset management, and corporate banking. The company offers personalized financial planning, investment advisory, brokerage services, capital raising, mergers and acquisitions, and portfolio management.
Employees and Offices: UBS’ head office in Canada is located in Toronto — with additional offices in Vancouver and Montreal. The bank features a large number of employees in various roles.
Types of Jobs: UBS Canada provides a numbers of different jobs and careers, including investment bankers, customer service representatives, managers, c-suite positions, and financial analysts, to name a few.
Brief History: UBS established its presence in Canada in 1989. It acquired Canadian investment bank Bunting Warburg in 1997.
Recent layoffs at UBS
- April 2024: UBS is reportedly planning to conduct five waves of layoffs this year as part of its cost-cutting program. The first wave is expected to begin in June.
- June 2023: UBS plans to cut at least half of Credit Suisse’s workforce following its multibillion-dollar acquisition of the troubled bank.
Severance pay for UBS Canada employees
In Canada, non-unionized employees at UBS 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 pay for banking sector employees
• Rights to severance for federally regulated workers
• Severance packages during 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 tens of thousands of employees over the years in severance package negotiations.
- LEARN MORE: Severance pay by company
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.
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 UBS may provide you with.
Once you sign these documents, you eliminate your ability to negotiate your severance package.
Generally speaking, if an employee doesn’t receive the proper amount of severance pay when they lose their job, it’s possible that they have been wrongfully dismissed.
An employment lawyer at Samfiru Tumarkin LLP can review your situation and explain how much compensation you are legally entitled to.
Talk to an employment lawyer
The knowledgeable 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 lawyers have 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 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.