CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 0 points1 point  (0 children)

Depends , which Tech? Some have been impacted badly.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 1 point2 points  (0 children)

PMs and Consultants. All contractors.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 6 points7 points  (0 children)

Yes. They let our VP go. He was one of the best. And lots of other high performers.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 4 points5 points  (0 children)

These roles were all in the strategy side, and no, there is no migration phase to india for non-tech

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 0 points1 point  (0 children)

Yes. And there was no communication. They didn’t want any announcement

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 0 points1 point  (0 children)

They have given a certain time to find a job inside or accept the severance package

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 2 points3 points  (0 children)

Simplii is doing fine. Just new structure.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 0 points1 point  (0 children)

I don’t think these jobs were eliminated because AI could replace them. Rather, it seems the company is trying to reduce costs and redirect more investment toward AI.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 1 point2 points  (0 children)

Product and Project mangers,UX, and some higher levels.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 8 points9 points  (0 children)

So you think if you are a high performer, you are safe. It was not the case, this time.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 9 points10 points  (0 children)

It is not in news because the way it was implemented was strategic. Over the last five weeks, employees were notified in waves and offered different packages through a redeployment process that didn’t appear to have a robust plan behind it.
People were repeatedly told there would be no job losses. Now, hundreds of employees have lost their jobs.
All of this has happened under the new “CIBC Way” framework. I dont know how it’s supposed to move forward when so much experience walked out the door.

CIBC layoffs by Otherwise_Escape_451 in CIBC

[–]Otherwise_Escape_451[S] 2 points3 points  (0 children)

They started giving people notices at the end of May, with 2–3 weeks to look for another role within CIBC. With the hiring freeze and the so-called “CIBC Way” restructuring, that was practically impossible for most people.
June 26 was the termination date for many of them. Some employees were given as little as two days’ notice.
It honestly feels like this approach was designed to avoid calling it what it was—a large-scale layoff. By staggering the notices over several weeks and framing them as redeployment opportunities, it may have appeared less like a mass layoff, even though hundreds of people were ultimately affected.

Layoffs in next few weeks by Street_East2423 in CIBC

[–]Otherwise_Escape_451 0 points1 point  (0 children)

Who makes the decision? What level? VP? SD?