CIBC is a major Canadian bank with significant operations in Ottawa, including retail branches, digital banking hubs, and business advisory services. Employees may face job loss due to organizational restructuring, digital automation, or national cost-saving strategies.

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Steps to Take if You’re Laid Off or Offered Severance:

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1. Scrutinize the Severance Agreement

CIBC’s packages often include a release form waiving your right to legal action. Never sign this without a thorough legal review.

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2. Ensure All Compensation Is Accounted For

This includes:

• Base salary

• Commission (for advisors)

• RSUs or share options

• Bonus eligibility

• Benefits continuation

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3. Protect Your Reputation and References

Some offers may contain reference language or internal reporting clauses. These can affect future employment. One of our employment lawyers can help you negotiate a neutral reference.

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4. Ask About Internal Reassignment

In some cases, CIBC may offer you an alternate role. If it’s a demotion or relocation, you may be able to decline and claim full severance.

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FAQs:

• Can I challenge a “for cause” termination?

Yes. Many cause claims don’t hold up in court. You may still be entitled to full severance.

• Can I accept the severance and still claim EI?

Usually yes—but timing matters. Legal guidance can help coordinate this.

• What happens to my group benefits?

Most plans terminate after your notice period unless explicitly extended.

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Why Choose Our Firm:

We understand the financial services industry and how banks handle terminations and are here to help you during this hard time. Do not hesitate to contact us today for a free consultation.