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.
About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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