EQB Announces 8% Workforce Reduction Amid Restructuring Efforts in Canada’s Banking Sector
October 23, 2025 — EQB Inc., which runs Equitable Bank (Canada’s seventh largest by assets), will cut its workforce by eight per cent. The bank makes these changes to work more efficiently. It is the latest layoff in Canada’s banking scene this year.
Details of the Restructuring Plan
On Wednesday, EQB said its restructuring will cost about $67 million. This cost covers worker cuts and impairment charges. The fourth‐quarter report will show these expenses. Analysts say about 160 full-time jobs will end.
Chadwick Westlake, EQB’s CEO, said, "We are taking action for the future. We make firm decisions that boost productivity. These moves improve our operating leverage and efficiency ratio. We are ready to capture new profit opportunities." He noted that the bank will reignite its core, grow its line of products, and build world-class operations.
Industry Context and Analyst Perspectives
EQB’s decision came soon after the Bank of Nova Scotia cut an unknown number of jobs. Toronto-Dominion Bank also planned a two per cent cut in May. Darko Mihelic, an analyst at Royal Bank of Canada, called EQB’s change "hesitantly positive." He said, "We expected EQB to take a restructuring charge. However, an eight per cent cut is larger and came sooner than we thought. We still see EQB as a fast-growing company."
Mike Rizvanovic, an analyst at the Bank of Nova Scotia, added that the cuts help fight expense headwinds. He warned that such a drop in jobs might hurt morale since EQB has not faced such layoffs in recent years.
Broader Banking Sector Trends
EQB’s layoffs join a trend in Canada’s banking sector. Many banks now restructure to cut costs and work more efficiently. They face tough market conditions and stronger competition. Financial experts watch keenly to see how these changes will affect EQB’s growth, employee spirit, and service quality moving forward.
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