Job Losses and Offshoring in Canadian Banks

Imagine making $8.5 billion in profit in one

year, then purging your workforce because it's

more

profitable to hire cheap foreign labor.

The agency says the economy lost 42,000 jobs in August.

Now that's quite a surprise because initially economists

were expecting employers

to add about 15,000 jobs.

Allison Mosher says she and her colleagues used to investigate

when TD

Visa and debit cards got compromised.

But two years ago, she says, that work was moved offshore to

a multinational company in India.

But TD isn't the only bank to send work overseas.

Scotiabank, RBC, and CIBC also do it.

On September 13, 2026, a CIBC

whistleblower dropped an email in our inbox alleging

the bank is carrying out significant layoffs throughout

contact centers in Toronto, Montreal,

Regina, Halifax, and Fredericton, and

inside the brokerage itself. The source claims

employees are being blindsided by scripted meetings where they

are told their position is being eliminated because of

business restructuring. Then they're locked out of

CIBC systems. The work is not disappearing either.

According to the employee, it is moving to India, the

Philippines, and Guatemala through cheap third-party

vendors like Telus International and Telus Digital.

Now these allegations can be found all over Reddit, and

one even claimed that 40% of contact center staff

have been replaced. But CIBC hasn't

confirmed that. What the bank has put on record

is last year's

profits, a new hub in Hyderabad, more than

500 Toronto call center jobs cut in 2025,

and Canadian finance work sent to India.

CIBC says overall headcount is still growing, but

that doesn't mean jobs aren't going somewhere else.

And this is not a bad week at the bank either.

It is a pattern. Canadian banks, telecoms, and other big employers

have been doing this for years. They keep the brand at home and

move the labor to wherever it is cheapest.

The entry-level jobs that used to get your foot in the door

are gone. And when they leave, they never come back.

They call it restructuring. They call it efficiency.

But Canadians call it replacement.