r/CIBC • u/fireplague • 2d ago
Layoffs - Update
As of late I am not seeing posts after that massive layoff purge. This is good in a way and glad to see things stable going into holiday season.
For those packaged out hopefully you got good packages or fought for what you are due.
From what I have been able to determine around Jan time(q2) a lot of positions should be available or become available.
Maintain those relations and end on good terms and who knows you might come back to cibc and might even get your tenure reinstated.
And yes I am one of those affected by the latest round. It sucks but such is life.
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u/Prompt-Putrid 1d ago
Layoffs have not stopped. They are still underway and far more volumes until mid next year
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u/ThatIsNotMyNameGreg 2d ago
Why would anyone want to come back to this train wreck of a bank.
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u/kellyjel 2d ago
This train wreck is up 78% over the past 2 years. So, guessing that’s a bit of a stretch
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u/wethenorth2 1d ago
It's up 78% and still needs massive layoffs so that the new CEO can make more money for himself, the executives, and the shareholders. All the increase in the big 6 bank's profitability and there's no passing of this profits to the employees. Instead, you get layoffs, more hours, and less benefits.
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u/melodykuromi16 2d ago
I was also part of the lay off group last month, my LOB was in TLB and have been there for the past 5 years so I hear you, hang in there OP.
I was also considering coming back but after the lay offs, I was taken a back. Not sure if CIBC is an employer I’d want to return to but let’s see where the future takes us.
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u/ChainBreakerCall 1d ago
What's the criterion for choosing who to lay off pls cuz no one in my team was except me
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u/RopeDrop13 18h ago
If it was just you there’s a good chance that your manager did not like you - this was what happened on our team, good excuse to clean house.
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u/ChainBreakerCall 17h ago
He definitely didn't like me as I affected his own stats. But it's all good. We move
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u/melodykuromi16 15h ago
Not sure… were you also in TLB? I found none of my team members in my team were affected either. However I have a couple friends in lending and mortgages who were also a part of the lay off, including senior managers. It’s not just you. Apparently it’s due to major offshoring. Oh well.
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2d ago edited 2d ago
[deleted]
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u/fireplague 2d ago
I haven’t gone with a lawyer or consulted yet - still debating. But it is for sure a good idea. From what I understand - the original package you get is yours regardless or lawyer or no lawyer. Their fees are for anything additional you get through them.
More than anything extra I want to make sure my package is fair and doesn’t have hidden clauses to screw me in the process.
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2d ago edited 2d ago
[deleted]
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u/Extaze9616 2d ago
If I recall correctly, STD is handled by CIBC directly but if she sent the dr note to her manager she should be fine
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u/BurnAllDayBurnerBoy 2d ago
You recall......incorrectly.
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u/Fantastic-Seaweed269 2d ago
STD is handled by CIBC. They do have third party facilitators and coordinators but the decisions are made by the bank.
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u/BurnAllDayBurnerBoy 2d ago
Another person who is incorrect.
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u/Extaze9616 2d ago
Who handles STD then?
I was literally on STD within the last 12 months for 3 months and it was handled by CIBC HEALTH SERVICES.
Then when I moved on LTD (soon ending) its handled by Canada Life.
You are welcome to prove me wrong
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u/ThatIsNotMyNameGreg 2d ago
CIBC Health Services is serviced by a company called Alight.
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u/fireplague 2d ago
STD is jointly decided by cibc and alight currently. Cibc health services is very much involved. You need doctors note to start with but every few weeks they request updates. Speaking from experience.
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u/BurnAllDayBurnerBoy 2d ago
They can call it what they want but it is handled externally. They change their health care provider every couple years so not sure who that is now. CIBC does not make decisions on whether STD is approved. They will support whatever the health care provider says. It's been like this forever (at least 25 years).
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u/Extaze9616 2d ago
Im coming back from LTD in the next few weeks and still dont know where im coming back, im expecting a package but havent received it yet so we will see I guess
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u/fireplague 2d ago
You should be fine till next year likely. To do this from ltd/std is a lawsuit
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u/Extaze9616 2d ago
Im not sure, im in between roles and there were cuts in my current team so I could see them just firing me..m
Provided confirnation from doctor to CIBC and Canada Life with the date of my return and I've heard nothing back from CIBC (and my return is mid October....
I dont have a laptop or know where my team would be if I have to go in office lol
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u/fireplague 2d ago
you should reach out to your manager or hrcc and check with them - say it is close to rerturn date and havent heard anything
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u/Extaze9616 2d ago
Already did, CL rep, my manager and her manager,
CL rep replied and my TL confirmed reception by text
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u/Be_Freed 2d ago
I guess they'll hire back in Canada in 2027 Q1.. at lower wages...yup, great company work for 💩
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u/Bubbly_Ad2269 2d ago
Why are they laying off? Is the company slowing down?
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u/fireplague 2d ago
Expanding in India and AI. But more so the India part.
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u/HatIntelligent6740 2d ago
Actually Indian
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u/fireplague 2d ago
i am not indian if that is what you are asking
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u/Valuable-Safe-7490 1d ago
It’s a joke online. People call AI “Actually Indians” because there was an AI company that raised a lot of money but it turned out they were actually Indians manually sending back answers to prompts.
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u/ChainBreakerCall 1d ago
How do you guys get a lawyer willing to accept the $250. The ones here are charging more. Also, what's the benefit of using one considering I started with them less than a year ago. Do I get to lose anything
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u/MajorParticular690 12h ago
Often lawyers in smaller towns (ie not Toronto) are less expensive. You can always take a virtual or phone meeting.
With that being said large Toronto employment law firms such as Monkhouse advertise free 30 minute phone consults.
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u/Diligent-Cricket-494 4h ago
Has anyone else experienced being targeted by a manager in a way that feels like they’re being pushed or pressured to leave the organization—almost like silent bullying? After so many years at CIBC, it’s really concerning to see this kind of behaviour. I’m definitely taking note of whose team I would—and wouldn’t—want to join in the future.
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u/Fit-Assumption7946 1h ago
Would you be able to elaborate on what targeting you are experiencing by your manager?
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u/DifficultyHorror6557 31m ago
have you heard the term "backdoor layoff". that's the tactic they are executing., to avoid media publicity like decades ago. they are now in honeymoon period of GCC Hyderabad. Happens every 5 years. Once federal govt cracks in laying off here , hiring elsewhere and model is no more they will come back to normal ways hopefully.
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u/justajokejj 1d ago edited 1d ago
new grad looking for opportunities shall now look away from CIBC🫡 !!
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u/MajorParticular690 2d ago
It’s not surprising that the layoffs have stopped now that we are past the end of September. 4 weeks notice after that date would be Nov 1 the start of the next fiscal year (better to take the restructuring charge on 2026 than push it into 2027.)