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.