Questrade Announces Layoffs Amid Strategic Realignment
Questrade Financial Group Inc., a leading Canadian online brokerage, has announced layoffs of an undisclosed number of employees as part of a strategic realignment. The company emphasizes that these reductions do not reflect any underlying financial issues, noting that its business remains robust. Over the past five years, Questrade has experienced significant growth, increasing its assets under administration from approximately $9 billion to over $60 billion.
Despite this expansion, Questrade faces intensified competition from major banks offering no-commission trading platforms and low-cost robo-advisors. This competitive pressure has prompted the company to reassess and adjust its operational strategies.
The layoffs at Questrade are part of a broader trend of workforce reductions within Canada's financial sector. For instance, in October 2024, Scotiabank announced plans to cut about 3% of its global workforce, equating to approximately 2,700 positions, citing the need to streamline operations and adapt to shifting consumer preferences.
Similarly, in November 2024, Manulife Financial Corp. reduced its global workforce by around 225 employees, representing about 2.5% of its investment management division, as part of organizational changes aimed at focusing on strategic priorities.
These developments highlight the dynamic nature of Canada's financial industry, where companies continually adapt to market conditions and competitive pressures to maintain their positions.
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Ian Bickis’s original article, “Questrade lays off undisclosed number of employees” was published in CTV News on November 29, 2024. Read the Full CTV News story.
