On November 5, 2025, multiple outlets including Bloomberg and Reuters reported that the Bank of Canada (BoC) will cut about 10% of its workforce, or roughly 225–230 positions, as part of a cost-saving initiative.
The move is part of a longer-term plan to reduce operating expenses by approximately 15% over the next several years, as covered by HR Reporter and The Financial Times.
- Headcount impact: Approximately 225–230 positions (about 10% of staff).
- Timing: Reductions will occur over the coming months, with completion expected by mid-2026 (as reported publicly).
- Rationale: Part of a broader effort to curb spending and streamline operations.
Key point: Even if a layoff is framed as a “restructuring,” non-unionized employees in Canada may be entitled to more than statutory minimums in severance. Review any offer carefully before signing.
Who May Be Affected in Canada?
The Bank has not identified specific departments or positions that will be impacted. However, public statements confirm that cuts are occurring “across all departments,” suggesting both corporate-services and analytical roles could be affected. Employees in administrative, operational, and research functions should pay close attention to internal communications about restructuring timelines.
According to HR Reporter, earlier cost-saving measures such as attrition and early retirements did not achieve the necessary reductions, prompting broader layoffs to meet fiscal targets.
Your Rights if You’re Laid Off or Terminated
This information is for non-unionized employees in Canada who have been laid off or terminated and want to understand their rights before signing any documents. If you are part of a union, contact your union representative.
Non-unionized employees are protected under both the Employment Standards Act (ESA) and the common law. While the ESA provides minimum termination and severance entitlements, many employees are entitled to significantly more under common law — depending on their role, length of service, and the availability of comparable employment.
- Reasonable notice or pay in lieu: You may be owed more than the ESA minimums.
- Benefits and compensation: Your package should clearly outline how salary, bonus or commission, vacation pay, pension, and benefits continuation are handled.
- Time to review: Take time to obtain legal advice before signing any agreement. You should not feel pressured to sign immediately.
Severance Packages for Bank of Canada Employees
If you are laid off, your severance entitlement depends on several factors, including:
- Length of service
- Age
- Position or seniority
- Availability of similar employment in the market
Employers often start with statutory minimums, which are usually less than what courts award under common law.
It is essential to have your offer reviewed to ensure full entitlement.
Wondering what you’re owed? Use our Severance Pay Calculator to quickly estimate your entitlement based on your age, tenure, and role.
Potential Issues with Layoff Notices
- Insufficient notice periods relative to your years of service or senior position.
- Improper “temporary layoff” labels where no realistic recall is expected.
- Offers below legal entitlements — such as no benefits continuation or unclear treatment of bonuses and commissions.
Common Red Flags in Layoff Packages
- Short deadlines to sign a release without adequate time for review.
- “All-inclusive” lump sums with no clear calculation breakdown.
- Missing details on benefits continuation, vacation pay, or bonus treatment.
- Ambiguous “temporary” or “restructuring” language when the role is clearly ending.
Wrongful Dismissal and Bank of Canada Layoffs
You may have a claim if:
- You were not given sufficient notice or fair severance pay.
- You were pressured to accept an inadequate settlement.
- The termination decision or process was discriminatory or retaliatory.
A wrongful dismissal claim may help recover additional compensation beyond what was initially offered.
How Monkhouse Law Can Help
- Free 30-minute phone consultation to review your layoff or termination.
- Skilled negotiation to help you secure fair compensation.
- Representation in wrongful dismissal claims when your termination was mishandled.
Contact Us for a Free Consultation
If you were recently laid off or received a severance offer from the Bank of Canada, your first step is a complimentary 30 minute consultation with one of our lawyers or paralegals. This is an opportunity to discuss your situation, ask questions, and learn how we can help you move forward with confidence. Contact Monkhouse Law Employment Lawyers to schedule your free consultation today.