EQB Inc., the parent company of Equitable Bank—Canada’s seventh-largest bank by assets—is cutting about eight per cent of its workforce, roughly 160 full-time employees, as part of a $67-million restructuring effort aimed at improving efficiency and productivity. The company says the move will help streamline operations and “reignite” its core banking business while expanding product diversification and strengthening long-term profitability.

The layoffs come amid a broader wave of job cuts across Canada’s financial sector, as banks face higher costs, slower loan growth, and economic uncertainty. Just weeks earlier, Scotiabank and TD Bank also announced workforce reductions as part of cost-control measures.

Analysts have described EQB’s move as significant but unsurprising. RBC’s Darko Mihelic noted the cuts were larger and earlier than expected, while Scotiabank’s Mike Rizvanovic said they could strain employee morale despite helping address expense pressures.

Overall, EQB’s restructuring reflects a tightening job market in Canada’s banking industry, where institutions are focusing on efficiency and digital transformation amid a slower economy and rising competition from fintech challengers.

Have you been laid off by EQB in Canada? Contact our employment lawyers today. Our legal team offers a free consultation and works on a contingency basis—there are no fees unless you win your case.

Naimul Karim’s original article, “EQB to cut its workforce by 8% in latest layoffs to hit Canada's banking sector” was published in Financial Post on October 23, 2025. Read the Full Financial Post story.

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