Finance & Insurance

Edward Jones laid off 259 employees across U.S. and Canada operations. The company also noted that 552 home office associates accepted voluntary separation earlier in 2026.

PayPal is planning to eliminate approximately 20% of its workforce, or more than 4,000 jobs globally, over the next 2-3 years. The company has more than 260 workers in Canada, though it remains unclear if any Canadian employees will be affected by the layoffs.

[Community report] Connor, Clark & Lunn. On April 16, Connor, Clark & Lunn Financial Group has laid off 8 or 9 people from their information systems department. It is not clear if the jobs are being moved to the India office or this is a cost-cutting effort to prepare the company for a sale. Connor, Clark & Lunn is among Canada's largest privately owned asset management firms offering a broad range of investment products and services. CC&L manages $188 billion (CAD) worth in assets.

Bank of Montreal has reduced its workforce by more than 670 jobs since the third quarter of 2025 — with its Q1 2026 earnings release revealing that it took a $202-million pre-tax severance charge in the quarter.

TD Bank announced a 3% workforce reduction as part of restructuring efforts to boost productivity and minimize real estate investments. The layoffs were announced in December 2025, revised from an earlier 2% reduction proposed in May 2025.

BMO announced workforce reductions of 600+ jobs as part of efforts to improve operational efficiencies. The layoffs affect the Canadian financial services sector.

Rivalry Corporation announced substantial workforce reductions and cost cuts following suspension of deposits and wagering on its betting and gaming platform. The company suspended player activity and is exploring strategic alternatives including asset-level transactions, corporate transactions, or restructuring.

In May 2025, CIBC eliminated more than 500 positions at its credit card call centre in Toronto as part of an operational restructuring. The cuts were tied to efforts to streamline operations and improve efficiency within the bank’s credit card services division.

A federal Crown lender is preparing for job cuts, lining up outside counselors to provide “emotional support” to staff as cabinet moves ahead with plans to eliminate 1,000 executive positions across government. The exact number of layoffs is not yet determined. The bank employs about 2,600 people and has sharply expanded its management ranks. The number of six-figure executives at Farm Credit Canada climbed 45% over the past decade, rising from 22 positions to 31.

Mastercard plans to reduce its full-time workforce by approximately 4% in 2026 (Reuters). It is still unclear whether Canadian employees at the credit card company will be affected “Based on our recent strategic review, we expect to record a one-time restructuring charge of roughly $200 million in Q1,” CFO Sachin Mehra told analysts during a call on January 29, 2026.