The parent company behind challenger lender EQ Bank is laying off approximately 169 employees from its workforce nationwide, in its first-ever layoff of this scale. The cut will cost $85 million pre-tax and impact all of their business lines, including changes to their lending side and digital platform. (The Logic)
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The parent company behind challenger lender EQ Bank is laying off approximately 169 employees from its workforce nationwide, in its first-ever layoff of this scale. The cut will cost $85 million pre-tax and impact all of their business lines, including changes to their lending side and digital platform. (The Logic)
Talking point: Canada’s financial sector has faced widespread layoffs, with multiple major banks cutting jobs in recent months. This move marks a shift for EQB under new CEO Chadwick Westlake, who took over from late CEO Andrew Moor in August. The restructuring costs include $20 million in severance payments and $65 million in impairment charges. EQB said it will share more details with its fiscal 2025 results on Dec. 3. Westlake said in a press release on Wednesday that the layoffs reflect EQB’s effort to “concentrate capital and talent.”
Editor’s note: This briefing has been updated to specify that this is EQB’s first-ever layoff of this scale.
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