Efficiency overhaul at EQ | EQ Bank | Discussion forum

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As one of the lines in the article states; "The layoffs are part of a broader pattern across Canada’s financial sector this year."

Most sectors go through these Belt-Tightening phases, from time to time. It's the financial sector's turn this time around.

Dean

I had a contact in management who handled all my issues after years ago filing a formal complaint with EQ Bank's Ombudsman.

I knew something was up in spring when she said as of a particular date, she won't be involved with EQ's Consumer Banking. Plus, their customer support has become virtually non-existent and they removed the option to send them an email as a form of contact.

TLDR: the red flags and warnings were there with EQ. I'd be concerned if anyone has more than $100K in funds with EQ.

Dean said
As one of the lines in the article states; "The layoffs are part of a broader pattern across Canada’s financial sector this year."

Most sectors go through these Belt-Tightening phases, from time to time. It's the financial sector's turn this time around. 

That's gaslighting. I don't buy it.

Briguy said
EQB cuts 8% of staff and takes $85-million charge as part of efficiency overhaul.
This follows TD Bank and Scotiabank laying off staff previous weeks. As well as all the auto industry layoffs. Not looking like a merry Christmas for many Canadians.

https://www.canadianmortgagetrends.com/2025/10/eqb-cuts-8-of-staff-and-takes-85-million-charge-as-part-of-efficiency-overhaul/  

Interesting, particularly since EQB Inc. had one of the best cost efficiency ratios of any of the publicly-traded Canadian banks, and it wasn't even close. That said, do we know where the cuts are primarily focused? My 'hunch' (or hope, rather) is that may not have been within direct bank EQ Bank, but in their mortgage servicing operations and in Concentra Bank and Concentra Trust, which they own, and/or head office functions.

Cheers,
Doug

In 2008 quite a few banks went belly up in the USA and some got large bailouts.

It is possible that something like that could happen in Canada at some point.

The housing market here in Vancouver specifically is propped up by foreign buyers. Many people own multiple homes they collect rent from. Lots of speculators. It is not a healthy housing environment. That is partly why BOC keeps lowering, even when the USA is putting in place tariffs and threatening Canada frequently. The BOC is trying to give relief to a artificially high housing market. I think the BOC should be more concerned about future USA foreign policy and keep interest rates higher until they know that large issue has passed.

It's a house of cards. Once one big thing happens it all falls apart. Who knows if or when but to me it's a house of cards. People have been saying what I am saying since the 90s and probably earlier so... Who knows.

One thing that could cause the collapse is the USA's foreign policies causing major Canadian worker job losses over the long term.

To me EQ bank is a likely bank to collapse if there is a major downturn in the housing market. If people suddenly stop paying mortgages for whatever reason other places might also collapse.

Here in Toronto (the centre of the universe) one cannot find a decent house for under $1.7mm - $1.9mm.

One thing to remember. There's a reason why President George Washington wisely said that there should be a term limit on American presidents. The U.S. should never be ruled by tyrants/kings (at least not forever). Sorry about bringing politics into the discussion. A wise man (or was it a wise woman?) once said: "Ignore politics at your peril."

What does Jeff Rubin say?
"In the early 1990s he came to prominence projecting a major decline in the Ontario real estate market."

JohnnyCash:

Besides, real estate powers our economy, producing nearly half of our GDP, which is very comforting.

Actually, I find that very disturbing, as all that value is market-driven. That's why it can be bubbly.