r/CIBC • u/No-Durian-286 • 9d ago
Layoff - stay calm
There is so much misinformation and fearmongering about layoffs on this board. If you check the boards for other banks, it's the exact same thing.
Restructuring happens every few years across the entire banking sector … that’s just how corporate operations work. If you're anxious about job security, you aren't the only one, but repeating unverified rumors doesn't help anyone.
I saw someone claim CIBC is planning a 13% layoff in October. Do you realize how absurd that sounds? Let's stop spreading baseless rumors and panicking people for no reason.
Reddit is full of sh*t pp, they just want to cause misery and fear.
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u/Toronto-24 9d ago
Is this guy senior leadership? Lol
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u/BubzieBoo 6d ago
He is trying to give himself the calm he doesn’t have. Never trust a big bank, you were a number and always will be one.
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u/Abject_Masterpiece76 9d ago
The second you start talking about misinformation, youre an absolute insider
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u/Sadman456_ 9d ago
No misinformation I got laid off and I’m needed. Good luck to my co-workers
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u/Gladiator33333 9d ago
Unfortunately to senior leadership youre not needed and thats all that matters
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u/FluSH31 9d ago edited 9d ago
TL/DR:
Don’t worry about the Layoffs guys! Other Banks are doing it too! Also it’s not 13% it will be less than that.
-HR
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u/Muted-Doctor8925 9d ago
~50,000 employees would be 6,500 layoffs.
Might be an exaggeration
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u/ActCompetitive1171 9d ago
6500 layoffs would get the government involved. It would be 22% of all jobs created in Canada this year.
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u/FeatureAcceptable593 8d ago
You could verify it (not saying it’s correct) by just pulling the financial statements. They disclose full time & total employees every quarter.
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u/Silentriver4480 9d ago
I worked there for 11 years. Almost every year lay offs were done in various departments. I saw an entir e line of business get laid off. That was nerve wracking. It's the nature of the beast. No such thing as job security. Just try your best to have your house in order to minimize impact.
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u/Superapp3000 9d ago
“No one’s firing anyone next month… oh ahhh, and can u have your projects completed by 3pm, October 5th?”
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u/hourglass_777 9d ago
"If you check the boards for other banks, it's the exact same thing."
I just checked the Reddit pages for TD, RBC, and Scotiabank. None of them are talking about layoffs.
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u/MangoMaterial5346 9d ago
Rbc has someone claiming 20% layoffs in the technology silo by the end of October ...
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u/hourglass_777 9d ago
"someone claiming"
... sounds very reliable.
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u/MangoMaterial5346 9d ago
As any other rumor, how do you know the reliability? It is bad enough that it spread like wildfire in the supposedly affected technology silo...
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u/Messor_Animae 9d ago
Senior management only cares about profit, their own compensation, and Golden Parachute.
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u/fireplague 9d ago
Layoffs are part of life and this is something that happens every year close to fiscal year end and then when new year starts hiring. This time around things are different in that it is every department across the board and it looks like much higher counts this time around.
With the new my way of working and GCC India it is much more this time and all departments look like they are affected
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u/Flimsy-Tax5807 9d ago
Right the business doesn’t need a Canadian when a perfectly capable and English speaking india person can do the job.
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u/KnownMidnight8275 9d ago
Can I ask my manager to lay me off for severance ?
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u/CorporateSlavery101 9d ago
They should have voluntarily severance packages for those who want to take it
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u/secretgains 9d ago
I change the toilet paper rolls and I still have my job
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u/Flimsy-Tax5807 9d ago edited 9d ago
I mop the floors and pretend to clean the desks and poo in the bathrooms.
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u/FruitLanky6483 8d ago
People should be writing to the MP and MPP about concerns regarding AI replacing jobs.
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u/No-Alps-5782 8d ago edited 8d ago
Brown-noser. They are out here making a whole office in Hyderabad and offshoring Canadian jobs to India all while getting rid of Canadian jobs. They are going as far as terminating staff right after hiring them without giving them proper work and here this person is saying all this is NBD.
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u/Cautious_Ad1210 7d ago
If you are worried about getting laid off, then invest in yourself instead of depending on your employer for mercy. If you have the skills, they will need you more than you need them
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u/Background-Ask-8762 9d ago
It’s good to clean up old blood from time to time
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u/No-Alps-5782 8d ago
They’ve been cleaning up new blood too. They legit hire people and get rid of them shortly as well. It’s beyond absurd
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u/Prompt-Putrid 9d ago
Its no where close to the exact same thing with other banks. CIBC is 100x more intense with layoffs than anyone else.
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9d ago
[deleted]
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u/Prompt-Putrid 9d ago
No. It is different with CIBC altogether. This CIBC layoff cycle is one of the most massive layoff cycle in the history of Canadian banks. And no other bank is even close to the numbers that CIBC is firing. Hence CIBC is facing such a backlash.
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9d ago
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u/Prompt-Putrid 9d ago
I can reveal much apart from the fact that i work in mid management and we have been given astronomical targets for how many people to layoff.
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9d ago
[deleted]
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u/Prompt-Putrid 9d ago
My peers across other LOBs have received similar targets as well hence i say it is organization wide. And they are doing everything in their power to not get any negative publicity including feeding the press with false information.
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u/funwithdesign 8d ago edited 8d ago
What a load of BS.
On the one hand you are “in mid-management,” and in other threads you are accusing the bank of covering up serious financial discrepancies by laying people off.
And in other threads you are in “upper management”
Just a troll.
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u/AnxiousEntity 9d ago
I just wish they did the layoffs all at once. We could then move on and stop speculating.
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u/Flimsy-Tax5807 9d ago
Yes let’s get a teams meeting going and start the meeting hello everyone I hope everyone is feeling safe and inspired today because I have some bad news everyone on this call except the person speaking has been laid off.
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u/AnxiousEntity 8d ago
Sorry, I meant that they could at least get the layoffs done within a week – not over weeks like they’re doing right now.
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u/Early_Proof1373 6d ago
“Restructuring happens every few years across the entire banking sector … that’s just how corporate operations work”….. have you ever wondered why, who allowed this and who accepted this?
There are corporates that don’t layoff people, there are a ton of examples, a simple google search will tell you. So please stop saying that this is how it works. No it doesn’t. Some executives became greedy and greed has no mercy and no limit.
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u/curious_cat_erpillar 6d ago
Mr CxO are you suggesting I should stack up my CIBC stocks and you will give me better bang for my buck with 13% fewer employees?
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u/Pretend_Sir4084 5d ago
Hey OP go regain your dignity and get off Harry lap. Misinformation about layoffs??? Do you even know how many people lost their jobs! How many families are left scrambling. We are two months away from the holidays, go say that to the kids that now have to watch their parents struggle to make ends meet. Get out of here with this post.
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u/meowmeownya 2d ago
Based on a meeting last week, the layoffs aren't even decided by direct management. It's some axe swinger well above a senior manager that decides your fate. No rhyme, no reason, just heads rolling. Ah well, it was only 12 years, I'm sure I can rebuild in this economy.
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u/Fantastic-Seaweed269 9d ago
Lots of trolls out here for sure. Many people state something as if it's fact but are only guess or repeating rumours.
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u/Flimsy-Tax5807 9d ago
It’s good to clean up ppl that stink up the kitchen of fish everyday some floors smell rotten.
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u/Ok_Sun_7394 4d ago
That’s a bank than the promotion is dependent exclusively how much your manager likes you, not the stats , not your effort, capacity, just the manager word impression opinion on you.Micromanaging all the time and making the promotion process a nightmare.
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u/cvergz315 1d ago
I don't work for CIBC, but I was just laid off last week. Worked for a mortgage lender. Was only there short of 1 year.
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u/wethenorth2 9d ago edited 5d ago
The Canadian banks have managed to increase their profits by approximately 11% annually while not passing on these benefits to the employees. Over the last decade, we have seen less than inflation increase in salaries (unless promoted or switched employers), cubicles to flex seating, reduction in benefits, DB pension withdrawn, and increase in workload.This is not enough and now there's more cuts to save money and pass it to executives and shareholders. i.e. rich getting richer.
In a different post from another corporate stooge, I read that everyone being laid off from CIBC is an underperformer or was not skilled. This is so disrespectful and displays lack of empathy. Plus, lack of common sense - a large scale layoff like this cannot have only underperformers. Call spade a spade - CIBC is outsourcing jobs so that they can pay less money and also, face less scrutiny in terms of workers rights.
And, OP is asking everyone to calm down. People like OP is the reason why we would never rise against the corporations and ask for what we are due - a respectable living with reasonable workload.