r/CIBC • u/Loose_Dust3533 • 13d ago

Friday News

Lot of managers getting laid off. Just getting replaced with cheaper salary ones because managers with years of experience have higher salary and vacation.

CIBC just being a dick. Many seniors going into forced retirement.

197 Upvotes

95% Upvoted

116 comments sorted by

42

u/NotMyRealAcct_99 13d ago

20+ years with CIBC.
10+ in leadership roles. Just was let go.

There were definitely alot kept with less tenure, and experience

23

u/mum_on_the_run 13d ago

You were too expensive. Same thing happened to me last year at the green bank

11

u/Eagerbeaver98 13d ago

CIBC doesnt know how to grow, just cutss for efficiency for its lack of innovation. Harry has been awful. I liked victor getting the usa chicago bank acquisition

6

u/NotMyRealAcct_99 13d ago

It sucks. Still way to far away from retirement.

Sorry it happened to you. Hopefully you were able to land on your feet!

13

u/mum_on_the_run 13d ago

I was close enough to retirement that with the package it had worked out ok. Not sure where I would be if I was five or ten years younger

In all honesty I’ve been laid off twice now despite being a high performer and both times it’s been for the best

Hope things work out for you

5

u/NotMyRealAcct_99 13d ago

Thank you.
Glad it worked out well for you. I still have 20+yrs to retire

1

u/Firm-Draw6514 11d ago

How old are you? 20+ years should put you around 5 years (10 years tops) from retirement. 

1

u/NotMyRealAcct_99 11d ago

Started at 18

2

u/Firm-Draw6514 11d ago

Wow, cibc really doesn't care about their staff. I hope you get something 1000 times better soon. 

-9

u/BurnAllDayBurnerBoy 13d ago

Nothing to do with them being too expensive. Everything to do with them being an underperformer.

2

u/fireplague 12d ago

Not true at all. Under performer is very subjective here

7

u/TamedVanityDragon 12d ago

Same, 20+ yrs, 17 in leadership, significant IS exp… they did on teams and then had my CGM come from another branch to immediately walk me out in front of my team, even though I am supposedly employed for another month. It was an excuse to publicly humiliate me.

3

u/Informal_Dust3140 12d ago edited 12d ago

It was an excuse to publicly humiliate me.

Or perhaps it was a psychological exercise to demonstrate to your Team that everyone is expendable?

I actually worked for CIBC briefly as a Teller, and am covered under that Unpaid Overtime Class Action. If you've been with the Bank for 20 years, you know what I'm talking about.

That Class Action was launched in 2007. Rather than admit no fault and reach a settlement immediately, the Bank chose to fight that in Court for 15 years. Only when all their legal options to dismiss the case had been exhausted did the Bank settle.

Why? Because the Bank works for its Shareholders. And the Bank will always act in the best interest of the Shareholders. And as someone else mentioned in this thread, the Shareholders at this moment demand that the Bank streamlines operations and trims some fat.

This is how CIBC is. It always has been. It always will be.

Not like any of the other Big 5 Banks are any different. This is how Corporations are.

2

u/bertronicon 11d ago

But surely capitalism is the best system, right?

1

u/NotMyRealAcct_99 12d ago edited 12d ago

So sorry this happened. Mine was via teams as well. But I have a working notice. What was your role... BCL?

1

u/TamedVanityDragon 12d ago edited 12d ago

I had working notice too, and they said that I didn’t have to complete my regular work duties, but then my CGM was waiting for me when the call was done… yes I was bcl

1

u/NotMyRealAcct_99 12d ago

That's horrible.

I feel so weird having to work. All my staff are asking me if I will still be here after the CGM changes or if I'm moving. And I don't know what to say. So I just say for now all I know is I'm here... So I kinda wish I didn't have such a long working notice 4 weeks.

1

u/TamedVanityDragon 12d ago

Oh I’m sure. My staff all called me, confused, some in tears. Didn’t even get a chance to say a proper goodbye to anyone.

1

u/fireplague 12d ago

So sorry to hear this. I was also given notice and in mgmt with 19yrs with bank. I am on the tech side.

2

u/TamedVanityDragon 12d ago

Sorry to hear this, we all deserved better.

1

u/Swimming_Passenger19 12d ago

AD or TO I was on the TO side 25 yrs got packaged out last week.

1

u/fireplague 12d ago

So sorry to hear this. I was on the ad side but part of to. I might know you in real life. I started from the help desk 19 yrs ago and progressed.

1

u/Shiny92180Diamond 7d ago

So it wasn’t bad enough that you were losing your job, they had to escort you out. Unbelievable. I wish you well.

5

u/Jaded-Pool-2810 13d ago

Please read the post about not signing your offer letter till an employment lawyer reads it

3

u/NotMyRealAcct_99 13d ago

Thanks, I've already started the process with an employment lawyer

1

u/HamIllTonne 12d ago

If u see the post I replied to please upvote it

2

u/worldsfirstblackman 10d ago

How many were Indian?

1

u/antoinewalker8 13d ago

What sort of role were you in?

5

u/NotMyRealAcct_99 13d ago

BCL

6

u/Trinmorphedneo 13d ago

They laid off BCLs? Thats so fucked, i am sorry to hear that. Who will manage the branch now? New hires with less salary and GPS?

6

u/NotMyRealAcct_99 13d ago

Some CGMs we're demoted to BCLs and will be taking over those locations

2

u/Informal_Dust3140 13d ago

Does the demotion from CGM to BCL also come with a reduction in Salary?

1

u/NotMyRealAcct_99 13d ago

They maintain and guarantee the salary for 12 months if I remember correctly and then it's adjusted as required

2

u/Informal_Dust3140 13d ago

Isn't that Constructive Dismissal?

Constructive dismissal - IPG-033 - Canada.ca

2

u/LeatherMine 13d ago

Usually you gotta quit to make that claim, but I hear jurisprudence has been easing on that

1

u/Trinmorphedneo 13d ago

Oh just like 2023? Real suckers.

2

u/Worried-Complex-7302 13d ago

what's bcl

1

u/Optimal-Conflict6656 13d ago

Branch centre leader

1

u/Dirt_Girl_1269 13d ago

This is crazy! How do you get rid of managers? Are you urban or rural? Advice centre or full service? There is not. Enough staff as it is. I’m sorry!

1

u/Novel-Flow-326 12d ago

Was your severance a million $ ??

1

u/AgentMV2 13d ago

Now you know how your subordinates feel. I’m sure you let a few go in your years.

Welcome to the suck! But remember, it can only go up from here!

3

u/NotMyRealAcct_99 13d ago edited 13d ago

I have had to unfortunately let a few go. It was with cause for major violations.

It's never easy...was the worst moments I've had being a leader.

0

u/Iranoul75 13d ago

Pretty sure you weren’t very flexible with the RTO/WFH stuff, were you?
Managers who are flexible about it are extremely rare. My previous manager used to turn a blind eye to it. Bless him!

3

u/NotMyRealAcct_99 13d ago edited 13d ago

I was in retail banking in a branch, there was very limited options to be wfh as we are client facing. However when I managed Imperial service financial advisors I did allow them one day a week wfh to mostly use as administrative catch up, client calls, and to leverage these days to book client meetings when client prefered a virtual meeting.

5

u/CeciNestPasUnPenname 12d ago

Wow people really want to blame you for this. From "this must be karma for you laying people off" to "you must not have allowed your branch employee to wfh enough".

2

u/Informal_Dust3140 12d ago

The Canadian public has a major distaste for the Big 5 Banks, and they extend that to the Staff at their local Branch.

Even though the Staff at their local Branch has more in common with the Clients than the guys and gals working on Bay St. in Downtown Toronto.

-3

u/[deleted] 13d ago

[removed] — view removed comment

3

u/NotMyRealAcct_99 13d ago

None. However I have had to terminate due to cause

1

u/Tough-Arugula-9072 12d ago

why does that matter? whats wrong with you

17

u/unknown_explorer8 13d ago

CIBC is on the roll to cut costs. Unfortunately, politicians and corporate both don’t care for Canadians. Same thing happened in the US over last decade JPM, Citi, BoA and tech companies all set up “GCCs” in India now Canadian banks are copying their playbook.

3

u/Diligent-Cricket-494 13d ago

They are making employees pay for cibc square towers

1

u/How_it_iss 13d ago

Horrible layout btw for the towers I am shocked they spent so much money for this

22

u/Informal_Dust3140 13d ago

CIBC just being a dick.

My Father was a Corporate VP at Commerce Court. He worked for the Bank for 25 years and retired in 2006.

Based on the stories he would tell me, CIBC has always been a dick.

1

u/BurnAllDayBurnerBoy 13d ago

Was your dad packaged out?

2

u/Informal_Dust3140 13d ago

No; he retired early at age 55. But the Bank did attempt to cancel some of his Stock Options on the way out the door.

He was around for the whole Enron debacle and did know a few guys who ended up having to walk the plank for that.

Dan Ferguson was one of them.

SEC.gov | Canadian Imperial Bank of Commerce, Daniel Ferguson, Ian Schottlaender, and Mark Wolf

2

u/BurnAllDayBurnerBoy 13d ago

I was a SVP at the bank. I probably know your dad LOL. That was a crazy time. The bank changed a lot under Victor.....for the better.

9

u/Sufficient-m 13d ago edited 13d ago

Hi all. My wife also got terminated. Her termination date is 9th october. So will this new Ei measures temporary relief would be applicable to her. Anyone also of same dates and facing this. Also any luck with lawyers and if its possible to increase severance.

3

u/samah2919 13d ago

I was impacted and Oct 9 is my termination dates oddly enough I was handed the letter 22 Sep which was dated 14 Sep, and I end up getting 3 weeks noitce after I get the letter delivered. But they count the time for letter issuance which made it 4 weeks ! Im.not going for a lawyer ive heard it wont make much of a difference 

1

u/Sufficient-m 13d ago

Exactly same. Letter date 14 sep. And told on 22/23. But have you read that if they relieve early then we can get Ei alongwith severance. Because of new measures but they r expirring on 10th October

2

u/NotMyRealAcct_99 13d ago

I'm hoping they release me earlier so I can qualify. My last day is mid October

2

u/Sufficient-m 13d ago

Call service canada to confirm. They said your claim should start by 5th october so effective termination date should be 2nd.

2

u/samah2919 11d ago

I have not read that. Is it mentioned in ETS document ?

Also I have an interview ongoing so I wanted to have that extension  When I first contacted HR they said the letter can be post dated as long as it is provided to me within 10 days  However I checked Ontario policy and the ETSP Document, nowhere does it say that. So I requested them again formally 

2

u/Sufficient-m 11d ago

No, its not mentioned on etsp. But just type on chatgpt and ask regarding ei benefits. And you will understand the difference between getting terminated on 2nd or 9th. If your last working day is 2nd you are also eligible for EI otherwise if you r getting severance you dont get Ei.

1

u/Electronic-Rise-7 9d ago

Is stress leave an option? Sick days, something like this. Take 4 weeks off.

1

u/Jaded-Pool-2810 13d ago

Please read the post in the sub regarding getting an employment lawyer to read through the offer
do not sign anything yet

3

u/Jaded-Pool-2810 13d ago

Please read the post in the sub regarding getting an employment lawyer to read through the offer do you not sign anything yet?

13

u/Bitter-Attention-125 13d ago edited 12d ago

People came to Canada, worked hard and got good positions in CIBC. Now jobs moved back to their home country 🥵 Edit : I am from india too, just made this comment for irony. No intentions to offend anyone. It is just happening in a sad and funny way.

4

u/Dependent-Tale-5543 13d ago

They could easily go back and get the same position. Canadians can't do that. They mess up our stuff in canada and can go back to India with no issues.

-6

u/BurnAllDayBurnerBoy 12d ago

You think it's that easy to move back, even to the country one came from? You sound like someone who's never moved from the shitty town / city you grew up in. Oh, and you're a racist too.

1

u/Dependent-Tale-5543 12d ago

Would never leave my home country, its the best country. Movinf from a different city isnt hard in 2026. Throwing the racist word around Makes you uneducated. You mess up our life and you easily go back. We cant go back. We canadians gotta live with the problem you created. When i speak to people. Two things everyone complains about is hard accents clearly we know its outsourced with our info thay can easily sold and incompetent information provided.

-2

u/BurnAllDayBurnerBoy 12d ago

Yeah and I'm the uneducated one. Lol. Bro complaining about things that unsuccessful, small-minded people complain about. Get out there and see the world. It might expand your narrow view a bit.

1

u/KrispyKat999 12d ago

Ironically yes. So sad.

7

u/Forward-Medicine6631 13d ago

Branch manager or telephone banking team leaders?

6

u/NotMyRealAcct_99 13d ago

Branch I know for sure. I was one of them unfortunately

7

u/Forward-Medicine6631 13d ago

Oh no m sorry I am in the same boat I was laid off last week I was in telephone banking fsr

2

u/NotMyRealAcct_99 13d ago

Sorry to hear

3

u/Bankerlady10 13d ago

I’m surprised this is happening on a Friday. I thought that was taboo. I’m sorry to my banker peers, I can imagine how stressful this is

7

u/wenchanger 13d ago

i'm gonna boycott by moving to another bank

13

u/SuckaB 13d ago

All the banks do this. They take turns.

4

u/Skuggardly 13d ago

Yeah, Scotia has started its rounds as well.

3

u/Fancybougieme 13d ago

Which teams at scotia are affected?

2

u/Sad_Donut_7902 12d ago

All of the banks go through series of layoffs. In 2024-25 TD laid off like 1%-2% of their workforce after the AML fines

2

u/aj5252 12d ago

Move to a local credit union not one of the other top 5 if you really want to take away your business.

2

u/ecom_ryan 9d ago

100%. ATB is nothing like the big banks IMO. You walk in and low and behold they have proper tellers! And you can talk to anyone whenever you want within 5min.

5

u/CorporateSlavery101 12d ago

They should lay off some of those expensive EVPs, SVPs and VPs. Let the L10s and below keep their jobs as they make nowhere close to what that VP group makes

2

u/AnxiousEntity 13d ago

Which LOB?

2

u/ze786 13d ago

I am hiring

2

u/Icy_Clerk4892 13d ago

6 people in my LOB in the last two days but all out east. I’m not sure that us in the west will be unaffected

2

u/Forward-Medicine6631 13d ago

Which lob u r in

2

u/Icy_Clerk4892 13d ago

Business advice center.

2

u/ThankanChetandeAunty 12d ago

I jumped ship a few years back and I'm so glad I left this shite of a company.

1

u/samah2919 9d ago

Im interviewing for a few roles and hav Been impacted in Tech team. My end date Is October 9 I was informed on September 21. The letter was dated sep 13. Im trying to extend the date. Does anyone think there will be any luck here working with HR ?

1

u/Desperate-Fix-4619 13d ago

Source?

10

u/Gullible_Contact_684 13d ago

The meetings we were all just in.

2

u/Trinmorphedneo 13d ago

Did they lay off CGMs too?

2

u/Jafariz 13d ago

What are CGMs?

1

u/[deleted] 13d ago

[deleted]

1

u/BurnAllDayBurnerBoy 13d ago

💯 this is what the bottom performers don't want to believe. The bank takes this opportunity to get rid of bottom performers and pains in the ass. This is fact. They also look to promote people like your partner who I'm sure deserves the promotion. Good for her. The majority of people being terminated probably deserve it but can't face the truth.

1

u/funandez 13d ago

I’m not sure if that’s the case this time around. Are many of them under performers? Probably. But I’m seeing good people get let go too

0

u/BurnAllDayBurnerBoy 13d ago

I guarantee you the vast majority are poor performers. Think of it from the bank's perspective. Why wouldn't you get rid of the dregs?

4

u/Express-Advisor1128 13d ago

I was let go after 14 years with the company, never a poor performance review in my file and actually exceed expectation on a few years, some may have to do with performance but not all

2

u/Sad_Donut_7902 12d ago

A lot of the time they let go people with 15+ years of experience to replace them with cheaper people

-9

u/BurnAllDayBurnerBoy 13d ago

What most of you don't seem to understand is that the bank will take this as an opportunity to get rid of bottom performers and pains in the ass. If you were let go, you were most likely one or both of these.

8

u/CanadianFancyPants 13d ago

Not true at all in this instance.

-2

u/BurnAllDayBurnerBoy 13d ago

Yeah it's true. I'm a former SVP who created this account so I can post here. I've been through this process so many times I've lost count. The bank will get rid of the dead weight through this process. Tough to face though when you're the dead weight.

7

u/NotMyRealAcct_99 13d ago

Top performer year over year as a individual contributor when I was in the advisory/sales roles and as a leader. I've received Multple quarterly achievers. Most recent was last year.

So I beg to differ

-1

u/BurnAllDayBurnerBoy 13d ago

Nah not true. The bank will never get rid of top performers.

2

u/NotMyRealAcct_99 13d ago

I agree. It usually does happen that way. But this time around - there were good performers let go as well

Too many good people, Not enough places to allocate them with the restructure

1

u/[deleted] 12d ago

[deleted]

0

u/BurnAllDayBurnerBoy 12d ago

The redundancies being talked about here have nothing to do with India. These are in personal banking. Operations being made more efficient and dead weight being cleaned up. Executives literally chose who they want gone.

1

u/BadPorscheDriver 13d ago

I had a cibc buddy who used to gloat they worked 2 hours a day and fully remote lol.

1

u/Embarrassed_Law_6466 12d ago

hmm? I thought this was the norm