Wells Fargo Canada Severance Packages
Wells Fargo Canada is a large bank based in the United States that operates throughout Canada. The company provides a wide range of financial services, including retail and commercial banking, wealth and investment management, corporate and investment banking, and insurance products.
Wells Fargo’s Canadian headquarters is located in Toronto, Ontario. The company’s 1,000 employees work from additional offices in Calgary, Mississauga, Montréal, and Vancouver. Roles at Wells Fargo include controllers, investment bankers, financial analysts and advisors, data analysts, accountants, software engineers, customer service representatives, human resources employees, marketing specialists, operations and project managers, IT specialists, administrative staff, and executive positions.
Henry Wells and William G. Fargo formed Wells Fargo & Company in 1852 to provide banking services in California in response to the California Gold Rush. Wells Fargo Bank was acquired by Northwest Corporation in 1998, which assumed the Wells Fargo name.
Recent layoffs at Wells Fargo
- September 2023: Wells Fargo said that it will continue to trim its workforce, even after slashing its workforce by 40,000 people since 2020.
- February 2023: Wells Fargo laid off hundreds of mortgage bankers this month as part of a sweeping round of cuts carried out following a shift in the bank’s strategy.
- September 2018: Wells Fargo is laying off 5-10% of its workforce, or as many as 26,000 employees, over the next three years.
Severance for Wells Fargo Canada employees
In Canada, non-unionized employees at Wells Fargo 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, or hourly in Ontario, Alberta, and B.C.
Severance is the compensation that non-unionized workers in Canada receive 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 for provincially regulated employees
• Federally regulated workers and severance pay
• Severance packages in 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 numerous banking sector employees over the year 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.
If you work at the Wells Fargo, you are likely a federally regulated employee. That means your severance package must consider:
- Your minimum severance as a federally regulated employee, as set out by the Canada Labour Code.
- Your full severance pay according to our legal system (common law) which can be as much as 24 months’ pay.
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 the Wells Fargo may provide you with.
Once you sign back these documents, you eliminate your ability to negotiate a fair and proper severance package.
Generally speaking, if an employee does not receive the proper amount of severance pay when they lose their job, they may be considered to have been wrongfully dismissed. An employment lawyer at Samfiru Tumarkin LLP can analyze your situation and explain how much compensation you may be owed.
Talk to an employment lawyer
The experienced 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 team has 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.