Many cuts have come in capital markets divisions amid a moribund deal-making market, following similar layoffs in the U.S.
I work in banking.
My workplace fired every single contractor in our division this year to cut costs.
We are no longer allowed to work overtime (yay for me), and we must limit our travels to our office to once a month if we live further away than an hour from it to save on paying for our gas.
Projects are being scaled back left and right. They look very financially scared is the best way I can put it.
This is the best summary I could come up with:
But if the cuts stay below that threshold, employers are only required to provide the standard two weeks written notice – or the equivalent in severance – to the employees being terminated.
Two weeks after Laurentian disclosed its cuts, Pat Burke stepped down as president of Canadian capital markets at Canaccord Genuity CF-T after eight years in that role.
In July, New York-based Goldman Sachs Group Inc. GS-N posted one of its weakest quarters under chief executive officer David Solomon, as profits sunk 58 per cent on a slump in investment banking, as well as real estate markdowns.
Salaries and benefits costs surged 20 per cent at RBC in the second quarter from the same period a year earlier, driven by adding employees in the capital markets and Canadian banking divisions.
Travis O’Rourke, president of recruitment agency Hays Canada, said he has observed widespread layoffs across the Canadian financial sector in recent months that have gone largely unnoticed because they are occurring in “small pockets.”
Those strategic hires are mostly for positions that can boost efficiency, according to Hei Wai Kwan, a partner in the financial services practice of executive search firm Odgers Berndtson.
I’m a bot and I’m open source!
Banks would be the first to know what “structuring” is.
When people do it with money that’s illegal but when big employers do it with jobs that’s A-OK!
With digital banking on the rise and a pathetic baseline quality of service, the big banks are in for a decade of shitstorm. Well deserved. Nothing pisses me off as much as banking in Canada nowadays. Good on Scotiabank for grabbing Tangerine, looking forward to Wealthsimple implementing real credit.
