Wealthsimple lays off 13 per cent of workforce

On Wednesday June 15, Wealthsimple announced it is laying off 13 per cent of its workforce, after experiencing the negative impacts of the financial downturn in the global technology sector. 

According to chief executive Michael Katchen, employees of the Toronto-based business received a letter regarding the layoff decision. Katchen also confirmed that this will effect 159 of the 1,262 people who work for Wealthsimple.

The layoffs are positioned to be part of the fallout from months of watching the market soar and Wealthsimple grow at an unprecedented rate amid the COVID-19 pandemic.

“Of course volatility works both ways, and we’re seeing the other side of it now as the pandemic market conditions unwind,” Katchen wrote to Wealthsimple employees.

Other companies in the technology sector including Netflix, Klarna, Cameo, and Bolt have also conducted layoffs this year in response to financial hardships. 

Severance pay

Wealthsimple employees in Canada must receive severance pay when they lose their job. Use our online Severance Pay Calculator tool to find out how much you may be owed.

The employment lawyers at Samfiru Tumarkin LLP have helped tens of thousands of individuals across Ontario, Alberta and B.C. enforce their rights. Contact us or call 1-855-821-5900 to get the advice you need, and the compensation you deserve.