EQB cutting about eight per cent of workforce in restructuring plan

A sign is displayed outside the headquarters of EQ Bank, a subsidiary of Equitable Group Inc, is seen in Toronto, Ontario, Canada.

The company behind EQ Bank says it’s cutting about eight per cent of its workforce as it restructures its operations under new leadership.

EQB Inc., which had nearly 2,000 full-time equivalent employees in its third quarter, becomes the latest bank this year to go through layoffs.

Chief executive Chadwick Westlake said the cuts are part of an effort to focus its employee base and capital spending where it has the most opportunities for growth.

“These decisive, yet difficult, decisions focus our efforts and improve productivity to drive positive operating leverage and an improved efficiency ratio as we capture the profitable opportunities ahead,” he said in a statement.

Westlake was named to the role of chief executive in July, soon after longtime CEO Andrew Moor died suddenly. Westlake had previously served as CFO at the bank.

The company said the head count reduction would cost about $20 million before tax in charges and severance provisions.

EQB said it will also take impairment charges of about $65 million as part of its streamlining of operations and in writing down the value of its equipment financing business due to market conditions.

The cuts at EQB come less than a week after Scotiabank confirmed it was laying off staff. The bank did not say how many employees were let go, but a now-redacted question period briefing note from Employment and Social Development Canada in May said Scotiabank was looking to lay off up to 2,495 staff.

TD Bank Group said in May that it was cutting about two per cent of its workforce, amounting to a little over 2,000 employees.

EQB said it expects to provide further details on its strategic restructuring, including final charges, when it reports its 2025 financial results on Dec. 3.

EQB provides offers banking services through Equitable Bank and its online EQ Bank platform, as well as wealth management services through ACM Advisors, a majority owned subsidiary specializing in alternative assets.

This report by The Canadian Press was first published Oct. 23, 2025.