US EditionPublished • loading... • Updated
EQB cutting about eight per cent of workforce in restructuring plan
EQB Inc. plans to complete workforce reductions by year-end to enhance efficiency and capital allocation with an $85 million pre-tax restructuring charge.
- On Oct. 22, 2025, EQB Inc. announced cutting about 8% of its workforce in Toronto as part of a restructuring plan.
- Amid efforts to improve return on equity, Chadwick Westlake, President and CEO, said the plan concentrates capital and talent to pursue growth and competitive advantage, focusing on EQ Bank and diversification.
- Including impairment and severance, EQB recorded about $85 million , comprising $20 million for restructuring and severance and $65 million in impairment charges including $28 million of intangible assets and $24 million related to the equipment financing business.
- With nearly 2,000 full-time equivalent employees, Equitable Bank's CET1 ratio is expected to be impacted by 10bps, and workforce reductions should be substantially complete by the end of Q4 2025.
- On Dec. 3, 2025, EQB will provide further details on the final restructuring charge with fiscal 2025 results and share a fiscal 2026 multi-year strategy as Canada's Challenger Bank serving over 761,000 customers and more than six million credit union members.
Insights by Ground AI
11 Articles
11 Articles
EQB cutting about eight per cent of workforce in restructuring plan
TORONTO — Financial services company EQB Inc. says it is cutting about eight per cent of its workforce as it restructures its operations. The company behind Equitable Bank says the move will cost about $85 million before tax. The costs include about $20 million related to restructuring and severance costs and $65 million in impairment […]
·Toronto, Canada
Read Full Article
PR NewswireReposted by 
Newswire
NewswireEQB announces strategic restructuring program that will impact Q4 2025 reported results
Restructuring costs of approximately $67 million ($85 million pre-tax) include workforce reductions of approximately 8% and impairment charges Impact on...
·United States
Read Full ArticleCoverage Details
Total News Sources11
Leaning Left4Leaning Right1Center3Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 38%
12%
Factuality
To view factuality data please Upgrade to Premium
