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Laid off from a Canadian bank (severance question)

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Newbie
Sep 14, 2009
46 posts
6 upvotes

Laid off from a Canadian bank (severance question)

Posting for a "friend"...anyway,

Everyone at a regional office of a Canadian chartered bank has been notified of the office closure (likely over the next 3 to 24 months)...specific employee has 10 years of problem free employment in a back office role.

Any idea how much severance a bank hands out in these situations? I would think they would avoid the min. 1 / week per year to avoid the bad press that could create and they've been using phrases such as "we take care of our people". Does 2-3 weeks / year seem like a likely outcome?

Thanks!
53 replies
Deal Expert
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Aug 6, 2001
17811 posts
5762 upvotes
Stuck in a Box
All depends on the 'role' and 'seniority' and the age of the 'friend'.

PM me, I will send you a contact of a very professional lawyer that I've used in the past for a family member. Got us much more than what the company originally provided. Economy is bad and it will take time to bounce back.

There are two parts of this equation. The labor law minimums (which are just that -- minimums and typically companies do go above it) and civic court law, which has much better precedents and judges that favor the employees versus the big firms. Most lawyer led negotiations are based on court law based on previous cases and rulings. Sometimes the back and forth and tactics do take time but rest assured, you will get what you deserve.

Edit: And you will also appreciate the Canadian employment laws afterwards unlike our brethren in US who are mostly at-will. Canadian laws are much geared towards respectful departures. (aka, can be fired anytime without any notices)
Newbie
Sep 14, 2009
46 posts
6 upvotes
Thanks of the reply and offer - I may take you up on that.

Seniority in the range of a middle manager at a processing back office unit. Age is in the 30-35 age group. She isn't going for 1 month/ year or anything but considering how many bank restructurings there have been lately I thought someone on the forums might have gone through this and has an idea on the range - although as you mentioned its hard to have a rule of thumb in these situations.
Banned
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May 24, 2008
647 posts
722 upvotes
I thought all the banks were reporting record profits? Is there no limit to the greed of the managers?
I can help you delete your unwanted RFD posts. PM me.
Deal Addict
Feb 16, 2010
1088 posts
352 upvotes
Anonymouse wrote: I thought all the banks were reporting record profits? Is there no limit to the greed of the managers?
Why settle for 5 billion when we can have 10 billion. Lets fire people. And them work till death. Capitalism 101.
Deal Expert
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Jul 22, 2006
22438 posts
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Anonymouse wrote: I thought all the banks were reporting record profits? Is there no limit to the greed of the managers?
The "bank store" concept is dying supposedly because everything is being done online
Newbie
Sep 14, 2009
46 posts
6 upvotes
Not from TD...but I figure any info. from any of the banks would be helpful re: expected severance.

Yeah in this case even management is impacted...Banks are always targeting an ROE and if they can beat that with lay off's they will do it.
Deal Addict
Jan 8, 2006
1686 posts
998 upvotes
Anonymouse wrote: I thought all the banks were reporting record profits? Is there no limit to the greed of the managers?
This is the problem with Greed based System, profit is never enough. When I heard TD news, I am like didn't they announce few billion profit. It's so sick instead of doing more for employee they are getting rid of them!.
Deal Fanatic
Jul 13, 2009
5244 posts
3530 upvotes
nini22 wrote: Not from TD...but I figure any info. from any of the banks would be helpful re: expected severance.

Yeah in this case even management is impacted...Banks are always targeting an ROE and if they can beat that with lay off's they will do it.
Scotia?

they just announced last week
Member
User avatar
Oct 20, 2011
348 posts
87 upvotes
Toronto
george__ wrote: The "bank store" concept is dying supposedly because everything is being done online
How often do I go to my bank physically? hmm... last time was in June this yr to get some USD.
Deal Addict
Feb 20, 2008
2674 posts
801 upvotes
Anonymouse wrote: I thought all the banks were reporting record profits? Is there no limit to the greed of the managers?
That doesn't mean they're a charity. I do think that they should be attempting to retrain these people to fill current vacancies as much as is reasonable. However, no business has the obligation to keep people employed simply because they're profitable.
Deal Addict
Feb 16, 2010
1088 posts
352 upvotes
Phlegmbot wrote: That doesn't mean they're a charity. I do think that they should be attempting to retrain these people to fill current vacancies as much as is reasonable. However, no business has the obligation to keep people employed simply because they're profitable.
Ofcourse, we should have let them sink. Tax payers have no obligation to bail out GoldMan Sachs / GM/ Chrysler. etc....we are not charity....o wait....
Newbie
Sep 14, 2009
46 posts
6 upvotes
Agreed banks are greedy etc. etc. yes they make $7B-$10B a year in real profit per year.....in any case does anyone have any personal or 2nd hand information on what a bank employee , again back office (non-specialized, think loan processing, Aged 30-35) with 10 year+ on the job would expect to earn in severance? Specifically is it the minimum 1 week/year or do they actually "take care of their employees" and offer something more like 2-3 weeks / year?
Deal Expert
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Jun 9, 2003
25310 posts
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Markham, ON
i don't know many ppl in Canada that doesnt benefit from Canadian Banks. Canadian pension plan, mutual funds, company pensions all carry at least 1 or not all 5 banks in their investment holdings.
Member
Dec 20, 2013
422 posts
44 upvotes
Ontario
thelefteyeguy wrote: i don't know many ppl in Canada that doesnt benefit from Canadian Banks. Canadian pension plan, mutual funds, company pensions all carry at least 1 or not all 5 banks in their investment holdings.
I totally understand your point, however I don't want that high earning from banks, which go hand in hand with layoff or increasing bank fees, I am willing to go with lower earnings, and low earnings.
Whenever I buy something cheap made in not-Canada, I think about jobs in Canada including my job search and about articles on sweatshops. Whenever I buy vegetables at low prices (of course I can't buy high prices/expensive foods but at the same time) I wonder if they come from sweatshops. Please don't say I am pretending or trying to sound righteous, my post did state "I think about jobs in Canada including my job search".
Deal Addict
Feb 20, 2008
2674 posts
801 upvotes
nini22 wrote: Agreed banks are greedy etc. etc. yes they make $7B-$10B a year in real profit per year.....in any case does anyone have any personal or 2nd hand information on what a bank employee , again back office (non-specialized, think loan processing, Aged 30-35) with 10 year+ on the job would expect to earn in severance? Specifically is it the minimum 1 week/year or do they actually "take care of their employees" and offer something more like 2-3 weeks / year?
You should really do some research on your own or talk to a lawyer already. Getting such important information from redflagdeals.com is probably not a good idea.

Start here?: http://www.toronto-employmentlawyer.com ... alculator/
Deal Expert
User avatar
Jun 9, 2003
25310 posts
2536 upvotes
Markham, ON
redflagdeal3 wrote: I totally understand your point, however I don't want that high earning from banks, which go hand in hand with layoff or increasing bank fees, I am willing to go with lower earnings, and low earnings.
Whenever I buy something cheap made in not-Canada, I think about jobs in Canada including my job search and about articles on sweatshops. Whenever I buy vegetables at low prices (of course I can't buy high prices/expensive foods but at the same time) I wonder if they come from sweatshops. Please don't say I am pretending or trying to sound righteous, my post did state "I think about jobs in Canada including my job search".
The largest investors...Teachers Pension plan, Canadian Pension plan, etc...all managers are brutal and they put a ton of weight on the bank boards. Any stewardship of these banks will tell you that if you miss targets, benchmarks, etc...either they lose their bonus or get replaced with someone else.
It's just how things are.

if you want a job for life...work for the public sector.
Member
Jan 19, 2004
209 posts
48 upvotes
nini22 wrote: Agreed banks are greedy etc. etc. yes they make $7B-$10B a year in real profit per year.....in any case does anyone have any personal or 2nd hand information on what a bank employee , again back office (non-specialized, think loan processing, Aged 30-35) with 10 year+ on the job would expect to earn in severance? Specifically is it the minimum 1 week/year or do they actually "take care of their employees" and offer something more like 2-3 weeks / year?
I've known a woman that worked at TD that received about 2 years severance. However, she was in a senior management position and had been there for around 20 years. I have also known another TD executive that was offered 1.5 years severance and took it. So there are varying degrees.

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