Customers abandon CIBC after bank axes Canadian workers and ships jobs to India

By Amy Chen

CIBC customers are abandoning the bank in droves, with some even posting photos of themselves cutting up their bank cards on social media, following the financial institution’s decision to fire 130 Canadian workers and force them to train their replacements from India.

“I closed my CIBC bank account and moved my money to a local credit union today,” Calgarian John Miller wrote in an open letter to CIBC shareholders. “I’m disgusted by your bank’s decision to fire 130 Canadian workers and put them through the indignity of training their replacements from India.”

“Your CEO Victor Dodig has the moral compass of a fentanyl dealer,” Miller added. “Both are well aware that their actions are destroying families, but, motivated by unbridled greed, they will do anything to maximize their profits.”

“I am leaving as a customer as you are are outsourcing to India.” Meaghan Reimchen‎ of Havelock, Ontario, wrote on CIBC’s Facebook page. “As you know our Canadians come first before foreign workers. You do not value Canadian employees but slapping people in the face.”

“I’ll be closing my accounts and taking my business elsewhere,” Brad Evans of Halifax, Nova Scotia wrote. “What kind of Canadian business lays off its own kind , and then asked them to train their replacements?”

“I will be taking my business someplace else as I don’t want employees to lose their jobs,” Tamara Nogawsum of Winnipeg, Manitoba, wrote. “I am going to Assiniboine Credit Union after 20 years of banking with CIBC.”

“I am appalled,”‎ Nogawsum added. “I don’t want to invest in a company that doesn’t believe in investing in hard working Canadians.”

But CIBC CEO Dodig remained unrepentant as he defended the outsourcing saying that “Companies that stand still don’t stand the test of time.”

CIBC made $1.4 billion profit last quarter, while Dodig earned an estimated $8.5 million last year, an increase of 40% from the year before.

121 Responses to Customers abandon CIBC after bank axes Canadian workers and ships jobs to India

  1. penny says:

    I recently went to my CIBC to ask about outsourcing of jobs. They told me it was Royal Bank and not them. I said, “yes it is happening now with your bank” The lady damn near screamed at me that she was the manager and I better listen to what she had to say. I was not impressed at her being a bully with me. I told her that I will be moving my investments and she snorted at me.(yes snorted) I guess that since I was dressed like shit that day, I was a nobody. When they noticed what my investments were, they followed me like a shadow out of the door. Being apologetic. CIBC you prejudice asses. Kiss my business good bye.

    • GISELE says:

      That’s right CIBC. Never judge a book by its cover. Good for you Penny.
      Your Banks are going to lose, big time, by turning your back on Canadians.
      I’m closing my account too and moving on.
      If Canada isn’t good enough for you, then you are not needed.
      Extremely disgusted.

  2. Gabriel Wolf Edgar says:

    CIBC must be out of their mind this is a shocking news to everyone who is connected to CIBC bank and i am going to move my money out asap to avoid discrepancy i think the new CEO is polluted and need to be kicked out of the bank before the bank goes bankrupt.

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