Finance & Insurance

Bank of Montreal has reduced its workforce by more than 670 jobs since the third quarter of 2025 — with its Q1 2026 earnings release revealing that it took a $202-million pre-tax severance charge in the quarter.

TD Bank announced a 3% workforce reduction as part of restructuring efforts to boost productivity and minimize real estate investments. The layoffs were announced in December 2025, revised from an earlier 2% reduction proposed in May 2025.

BMO announced workforce reductions of 600+ jobs as part of efforts to improve operational efficiencies. The layoffs affect the Canadian financial services sector.

In May 2025, CIBC eliminated more than 500 positions at its credit card call centre in Toronto as part of an operational restructuring. The cuts were tied to efforts to streamline operations and improve efficiency within the bank’s credit card services division.

A federal Crown lender is preparing for job cuts, lining up outside counselors to provide “emotional support” to staff as cabinet moves ahead with plans to eliminate 1,000 executive positions across government. The exact number of layoffs is not yet determined. The bank employs about 2,600 people and has sharply expanded its management ranks. The number of six-figure executives at Farm Credit Canada climbed 45% over the past decade, rising from 22 positions to 31.

Mastercard plans to reduce its full-time workforce by approximately 4% in 2026 (Reuters). It is still unclear whether Canadian employees at the credit card company will be affected “Based on our recent strategic review, we expect to record a one-time restructuring charge of roughly $200 million in Q1,” CFO Sachin Mehra told analysts during a call on January 29, 2026.

Laurentian Bank of Canada announced the sale of its operations after 179 years in business, with approximately 700 of its 2,800 employees to be laid off as all 58 Quebec branches are closed. The bank's commercial operations are being sold to Fairstone Bank of Canada while retail and small business portfolios go to National Bank of Canada.

Scotiabank reported a $373-million restructuring charge in Q4 2025 related to job cuts that resulted in 2,291 fewer employees by the end of the fourth quarter compared to the first quarter. The bank stated that these actions were undertaken to simplify operations and free up capacity to invest in technology and revenue-generating sales staff.

CIBC’s financial results, released on November 30, 2023, revealed that the bank cut nearly 2,400 positions during the fiscal year — representing roughly 5% of its total workforce at the time.

Scotiabank is laying off staff across its Canadian banking unit as part of its multiyear strategic turnaround plan launched in late 2023. The restructuring aims to accelerate execution of the refresh and improve efficiency in acquiring primary clients and enhancing digital capabilities.