Employees Contacting Samfiru Tumarkin LLP After Workforce Reduction

EQ Bank has reportedly reduced its workforce by about 8%, with affected employees confirming that notices were delivered on Oct. 22, 2025

Several individuals have since contacted Samfiru Tumarkin LLP to review their termination and severance packages and to better understand their legal rights.

The Toronto-based digital bank — part of Equitable Bank — is said to be implementing this restructuring to streamline operations and control costs amid changing market conditions. Departments across multiple business lines have reportedly been impacted.

Legal Insight

“We’re hearing from multiple EQ Bank employees caught off guard by this announcement,” said Lior Samfiru, National Co-Managing Partner at Samfiru Tumarkin LLP.

“Many people assume that a layoff automatically means they have to accept what’s offered — but under Canadian law, that’s rarely the case. Even in restructuring situations, employees are often owed significantly more severance pay than the company initially provides.”

Why EQ Bank is Restructuring

EQ Bank’s decision follows a broader industry pattern of Canadian financial institutions adjusting to slower growth, rising expenses, and ongoing digital transformation.

Like other lenders, the bank appears to be reallocating resources toward technology and efficiency initiatives that support long-term profitability.

WATCH: Everything You Need to Know About Mass Terminations

Lost Your Job? Get Help...

Read Full Story: https://news.google.com/rss/articles/CBMiakFVX3lxTE14N1pyckFzLVd1aGF1S2F5eDhG...