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. Kelly Smtih says:

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

    Gold.

    If you want to learn more about Dodgy Dodig, I recommend you guys check out Canadians Against the Temporary Foreign Worker Program.

    • Debbie says:

      I think its horrible. There is nothing wrong with the Canadian worker. There is no way i would stick around to train my replacement either.

      • Mike Kom says:

        Apparently, there is at least one thing wrong with the Canadian worker. They’re getting paid too much. This is an unintended consequence of ever increasing minimum wage.

        • Anonymous says:

          Paid to much are you kidding me cibc had a profit of 1.4 billion last quarter not paid enough if you ask me

        • Anonymous says:

          People who work at banks make minimum wage?

          • Some guy says:

            Minimum wage inflates all wages.

          • Anonymous says:

            No it doesn’t.
            I earn above minimum wage, and whenever the minimum wage increases, my pay stays the same. I am not guaranteed an in crease because of Cost of Living either.
            If I want a raise, I need to work for it, show my employers that I deserve it, and then ask for it.

          • Kim says:

            Obviously you haven’t never worked for minimum wage . $11.50 @ Hr . Think that pays for the high rents, hydro, transpotation, education, cable, phone , clothes and food. Stick it where the sun don’t shine. Were to busy working all the time to stay afloat to enjoy the sun.

          • Karen says:

            My son worked at TD & while not all people are paid this, yes, people who work at banks are paid minimum wage

          • Pamela says:

            At CIBC I was making 14.42 working as the head teller…. Not enough for someone who was responsible for a quarter of a million in cash.

            Don’t work there anymore because they closed our branch down last July…..

          • Anonymous says:

            I worked for them and made under $15/hr and was responsible for the whole lot of money in branch! Under paid and under appreciated.

        • TED says:

          Paid too much!! CEO made 8.5 millions​. And how much a teller make for keeping​ everyone’s info safe, make sure they account for every penny and remember every customer’s face and name plus the goals that management ask of them to achieve no matter the consequences to the customers and the Xtra BS that goes on in the banks.
          Keep the jobs in Canada to the country strong.

        • Michael says:

          Minimum Wage?? What is wrong with you,this is not a living wage??? This is greed period. Take %40 of that CEO wage and spread it amount the CIBC employees and maybe it will get close to a livable wage. People need enough to have a used car to drive a 1 bedroom apartment to rent and some food???
          Do you think the people in india will have a livable wage if this bank CEO has his way?

          • Anonymous says:

            Not to defend unreasonable CEO salaries but your solution would give every CIBC employee a 5 cent per hour raise…???

        • bob says:

          You could pay the Canadians $3/hour and someone in India could undercut that.

          What do you do for a living?

        • D.R. says:

          Cnadian workers should be paid a liveing wage. Banks and large corporate companies always want more and its always from their greed all employees suffer from lower wages we should think aboutC anadian employees first and worry about others next.
          And thats my feelings

          • TeeTime says:

            I am not condoning what this bank is doing, but you do realize you could share in all this profit?
            The bank’s all offer their shares for sale publicly and pay regular dividends. A bank that does not stay profitable is also punished by the public and their shareholders. How long would you bank at a bank that was continuously losing money?
            This bank seems to think outsourcing jobs to another country will help their bottom line, but if the backlash is big enough, who knows??

        • Allen Peters says:

          This is the sign of a CEO with no moral compass, a sign of someone who does not deserve to be called a Canadian. Banking wages are not the issue here as much as CEO wages are out of control. Shareholders beware, this type of abuse is not tolerated in Canada.

        • Anonymous says:

          Do you even know how little they make working in a bank. It ain’t much !

          • Anonymous says:

            disgusting treating workers like that i plan to pull cibc and just stick with rbc besides cibc monthly fees are a ripp off

          • Carole Carnahan says:

            Tellers/Account reps, clerks working in banks today make the same wage I made working in a bank 30 years ago and we didn’t have to sell 25 Visas, 10 safe deposit boxes etc etc.to get a raise.Today bank employees are required to sell so many products to earn a raise…I quit banking in 1990 because of that. Some banks have so many empty offices because they have laid off half the staff…I am moving my accounts to ATB and a Credit Union…at least they are provincial entities not the big 5, with profits in the billions

          • underpaidisanunderstatement says:

            I worked for CIBC 16 years ago. I made exactly one dollar above minimum wage! It was a horrible job, after 2 years of scraping by I had to quit. A teller has to dress and look like they have money, trust me … They don’t!

        • Shirley Marcotte says:

          the wages still don’t compensate for what the rise in cost of living… with hydro rising, rent rising, food rising… how can you live on minimum wage or a Teller’s wage. CIBC and all other Corporations should not be allowed to outsource. Unacceptable when you have people in Canada looking for work.

        • LINDA says:

          no we pay fair wages so all people can try and support themselves or a family. most often workers in other countries are children and work in filth and have no compensation if hurt on the job. It actually if very shameful of all businesses who take the jobs needed in this country and give it to slave labour.

        • Anonymous says:

          Your in idiot .

        • Outrageous says:

          Where you hired by CIBC to post stupidity?

        • Bob the Observer says:

          @Mike Kom
          I call BS on that. And I’d wager a months salary that you don’t believe you get paid too much, now do you?

          As for the bank’s chairweasle, the obvious spin in his statements is nothing short of astonishing. I wonder what the shareholders will say should that cut into their expected share earning?

        • Ruby says:

          So your response to the CEO making millions is that minimum wage is too high? Logic!

        • Anonymous says:

          R u crazy ?
          Or just stupid!

        • Anonymous says:

          Your a fuckin retard

        • Anonymous says:

          But it’s cool the CEO makes 8 million? I’m sure he can take a million out of his pockets and do the same to his friends and there’s the difference right there

        • murray says:

          Looking at the way white color Ceo’s ripoff people i the US like wells Fargo for instance,it is obvious that the only way change will happen is from the bottom up. The gentleman who mentions Fentanyl has it right as it is most often those who have no social conscious that are paid the most. Look at the deregulation of the banks in the US where the crooks all got bonuses for a well orchestrated crime. So the ceo makes 8.5 million and if we divide that by a paltry 25,000 his rate of pay for being a slime ball would employ around 340 people before other expenses.The Ceo would had have plenty of room on an expense account to make the difference. These people believe their own lies but if 50 % of Canadians that bank with CIBC left it would prove he is short sighted and made a fatal move worthy of losing his job. Just Like when AIG gave themselves bonuses after some Americans killed themselves when they lost their homes the question must be asked why should the top be rewarded for only thinking of profit? In Aig’s case they claimed it was to retain talent? The talent that destroyed the lives of millions of hard working people and could have tanked wall street? Ceo’s like the ones here and at Wells Fargo need to start getting what they deserve!!

    • William says:

      I’ve been with cibc 30 years and I’m closing my accounts tommorrow as will my sister and her husband and many friends I know that respect this country and are tired of this type of cowardly cost cuts. As the ce0 take few less trips and cut your saLary save the real people that work jobs. Low life rich prick.

    • Anonymous says:

      My accounts will be closed

    • Anonymous says:

      So happy i dont deal with them..support canadians..go to hell with cibc..never will be getting my business ever again..credit union all the way..cibc makes all kinds of cash..but dont give back to us and now this..bunch of greedy pricks!!!!

    • Anonymous says:

      What the fuck Canadian companies are fucken doing must be fucken trudeau work again and getting fired and training india workers stick it where the sun don’t shine 😡Canadian first 👍

    • Tony says:

      We’re the workers fired becouse of not training new workers.couse I would think the trainers should get promotions to train workers then keep job promoted to after training recruits.

  2. David Petrie says:

    After doing business with CIBC for more than 20 years, I’m transfering my business elsewhere. Enough is Enough! We’ll see how CEO Dodig reacts when he sees clients leave CIBC.

  3. Winnie says:

    I’m going to leave CIBC too. Can you please recommend a credit union in Calgary?

  4. MD B says:

    I have been asking for over a year why CIBC’s service has been going downhill, after being with that bank for over 30 year. I’ve had it with greed based decisions and poor service, made under CEO Victor Dodig, earning millions, while dumping Canadian employees. Taking my business elsewhere.

    • Anonymous says:

      3 years ago they closed their visa center in Vancouver where I was an employee for 16 years ( started at 21 there ) that displaced about 130 people from management / administration / phone reps. I noticed a decline in knowledgeable reps. To the point where I would just hang up. Tele banking is horrible. You can advance business by creating jobs having English speaking agents ( that are fluent not broken ) it’s pretty sad

  5. Tina Cudby says:

    I will be closing off my visa with cibc.

  6. Ken says:

    Interesting. So many companies have gone offshore to reduce costs supposedly, but have found that they needed to bring at least some of those jobs back onshore. It is rarely the moneysaver it is touted to be.

    CIBC says “Companies that stand still don’t stand the test of time.” as if they were acting progressively. Offshoring is more tha 20 years old. This is not a new and bold move, CIBC. It is 20 year old thinking that has not passed the test of time.

  7. Anonymous says:

    Victor Dodig can suck my D^*K I’m gonna look at another bank next week . I can’t wait to hear the day this P.O.S goes bankrupt for his dumb decisions . It will happen maybe not in a year but give it time .

  8. Disgruntled says:

    I have been with CIBC for over 30 years and I have a mortgage and 3 Visa cards from them with a limit of almost $70000 and I owe almost 25000 on them, with the outsourcing of jobs to foreigners I decided to transfer all the balances from those visas to another bank and as soon as I can I will be transferring my morgage over as well because I don’t want to be with a company that doesn’t look after it’s own people first what a discrace I’m ashamed of you CIBC you lost my loyalty and my business

    • Dave Hayward says:

      I know it is not right what they are doing but in doing what all of you are doing by jumping ship will only make the banks downsise and guess what, you just put a lot of ciibc workers on the street looking for jobs that even pay less. In this case the many out weigh the few. Think about it.

      • WORRIED says:

        There’s nothing to thing about. If a majority of people do decide to leave CIBC, and CIBC shares start to dwindle because of it….how fast do you think CIBC will renege on this stupid, selfish, unCanadian decision that they made.
        What I don’t get is this:
        If this kind of thing continues to keep happening and at the rate that people are losing jobs due to everything becoming more computerized, then over time how many people are going to be left working enough to keep the economy of Canada going. Seems to me that eventually there might end up being a lot more people on the dole than there are working. THINK ABOUT IT.

  9. meme says:

    dirty deeds … shall not go unpunished.

  10. td says:

    Maybe you should take a closer look at all banks .. RBC 5,000 along with RBC Insurance replaced the same way as did TD did the same .. they all are doing it under the radar.

  11. J welch says:

    This is disgusting and a slap to customers faces. All the profits and they can’t keep jobs here come on . Have been with them all my life but rethinking my investments now

  12. J says:

    TD, Bell, CIBC, RBC, they have all done this, TD actually sent over a team of TD employees from Ontario to train the new hires in Mumbai, India for approximately 3 months. All of the financial institutions and Bell have been doing this for a number of years.

    • Michael says:

      Its time to put a stop to this,Period..

      • Anonymous says:

        Canadian banks made their start from the money of hard working Canadians. The very people that they are taking away from.
        Sad to know that the bank workers have to train their replacements. I too will look into a Credit Union that is Canadian and supports Canadian jobs.

        If service jobs are taken away what is left for the Canadian people. We can not all work for the government. Oh yeah where is the Canadian government officials when you need them.

  13. J says:

    TD,CIBC, RBC, they have all done this, TD actually sent over a team of TD employees from Ontario to train the new hires in Mumbai, India for approximately 3 months. All of the financial institutions and Bell have been doing this for a number of years.

  14. Sussi organic says:

    Wow! Try working for CIBC. Banking is a tough business (on employees), and asking someone to train their replacement….brutal. Talk about adding insult to injury. Although I must say working for BMO was worse. What a bunch of clowns..they don’t stand behind their employees AT all. I have slowly taken my RRSP’s and savings account along with my safe deposit box to another institution. I’m taking the last of it and moving to my Credit Union, who seem to be an ethical business.

  15. Bobby Ne says:

    They should also be boycotted for their HALAL AND SHARIA COMPLIANT INVESTMENT PROGRAM

    DISGUSTING!

  16. Simon Arseneault says:

    …and as much as I agree with so many statement denouncing such a horrible business practice, don’t forget that if you have CIBC shares than you are still part of the problem or if you own RRSPs that invest in CIBC, you are still part of the problem…just saying

  17. Michel says:

    I’m done with them also I’m to pissed off to comment

  18. Mamak says:

    I used to work for CIBC and when I quit I was told I gave good service to the wrong people. I have my good service to all customers and not just those who had money in the bank. I swore I wouldn’t deal with them again and this has made that decision even easier!!

  19. Jasmin ouellet says:

    I like the idea. We’ve been thinking about closing our CIBC account for a while. That is the “kick-you-know-where” that I needed…

  20. Mike Kom says:

    Can someone refute the statement, “Companies that stand still don’t stand the test of time.”, because I can’t.

  21. Arnold Metcalfe says:

    Canadian Imperial Bank of Commerce, Notice the first word is Canadian. 25 years with them, I’ll be switching soon enough.

  22. Carl says:

    BYE,BYE C.I.B.C. Credit union’s the answer for Manitobans,they support locally. Major banks make BILLIONS,and only want to make more.

  23. Kevin says:

    Good, glad people are standing up for what’s right.
    This should be a message to not only CIBC but other banks and corporations that want to axe jobs and send them anywhere but here.

  24. Perry Dahl says:

    i’ve been with Cibc for 30 years will be going across the street to Alberta treasury branch I’m disgusted by their move Canadian Imperial Bank of commerce I don’t think so find to drop the Canadian off there

  25. Vesna says:

    I’VE been with CIBC for twenty years ..I will be closing my accounts..let them find their customers in India!!!!

  26. Anita says:

    I have been with CIBC for 50 years, and can’t believe they are doing this. Are you going to be changing your name to IIBC, as CIBC stands for Canadian Imperial Bank of Commerce>

  27. Don says:

    I really hate this , I’m very happy with my CIBC staff and how they take care of me . Now I have to start off with another bank and hope they take good care of my money to , bottom line is I have to go and once you go you cant go back .

  28. Lawrence says:

    RBC did this years ago, that is when i moved all money and investments to the Credit Union. I am very pleased with the Credit Union and will not go back to the banks.

  29. Monika says:

    My credit union Coast Capital on Vancouver Island charges me no service fees, none, nada, free chequing in the true sense of the word. I had left the banks two years ago and have never looked back.

  30. Monika says:

    My credit union IslandSavings on Vancouver Island charges me no service charges on my chequing account, nil, none, nada, in the true sense of the word. I had left the greedy banks two years ago, best decision I’ve made.

  31. Disgruntled says:

    Maybe it’s time that we part from all banks and take the good advice from some of the comments and move our banking to a credit union , I know my wife uses the credit union for 20 plus years and she is pleased they would never do what CIBC is doing

  32. Dean says:

    How do you guys still bank at CIBC? I moved to TD Canada Trust a long time ago. I can’t wait an hour in line to see one of the 3 bank tellers they have. TD is open 7 days a week. Mon to Fri 8pm and Sat and Sun 4pm. They have lots of tellers, bank machines, and you’re seen within 5 mins. It’s the fastest most efficient banking on Earth.

    • Michael says:

      Sorry to say, but TD also outsource their jobs to India. All of the big Canadian banks do this, it’s nothing new and it’s not going to stop anytime soon! It’s a global marketplace and that’s the reality in which we live! Can’t fight it, accept it!

    • Anonymous says:

      Just to let you know CIBC aim is to have no tellers. I know of a local branch that as of June there will be no tellers. Just a rep in the lobby with Ipad who will help direct you to do your banking at ATM or online computer ( which will be in lobby) or telephone banking.More profits in their pockets…

    • Anonymous says:

      They’ve outsourced jobs too

  33. Anonymous says:

    Omg! I’ve been a loyal CIBC customer for most of my life! I will also be putting my money into a different Canadian bank! How disgusting! I hope you go up s’hit creek! 😡😡😡

    • Anonymous says:

      Sorry to say but all Canadian banks follow the same suit with offshore being present throughout. I have seen first hand several departments completely wiped away in favor of offshore resources really sad, the work they provide speaks for itself you get what you pay for I wish the government would step in and do something but only in a perfect world.

    • Anonymous says:

      Put it in a jar ,you better off..

  34. ANONYMOUS says:

    CIBC has outsourced entire Technology to India and have laid off people around the IT Team. After 12 Years of Service and being a Top Performer in the Team throughout the Tenure, I was laid off… Reason there is no more Projects in the IT Sector. Because everything has been outsourced to TATA CONSULTANCY SERVICES.

  35. Anonymous says:

    Time to REPLACE cibc

  36. Corinna says:

    So who do we switch to that uses Canadians and not export jobs to out of country…

  37. Andre T says:

    Good, maybe if enough people switch banks they will learn. As usual, the problem is with the people and probably not enough people will switch banks though. People will go with the lowest costs to them. That’s why we have Costo and Wallmart and such. People are selfish. I wonder how many people would pay more for a bank account if all services were Canadian? I bet most people wouldn’t. Put your money where your mouth is people! Good for you if you actually switched because of your believes!

  38. ANONYMOUS says:

    130 jobs lost or transitioned to India does not even come close to the amount that have been lost through out the years before this was brought forth to the media about CIBC. Offshore has made CIBC a hostile environment these resources cause more issues then good, thinking of leaving CIBC to join another bank well good luck with that they all do the same thing there is no escape. End of the day it is a sad thing to see so many people lose out cause of an upper management decision to maximize profits however nothing will ever change I wish the government would pull it’s head out if it ass and do something. Making 8.5 Million a year would you care seems all the little guys working day to day and running the bank are what is wasting the bank money and from making more so let’s give those jobs to someone who has no clue in the matter on the other side of the world.

  39. Anthony says:

    With the presence of technology disrupting the banking industry these layoffs/outsourcings is becoming very common. I hope that legislation passes to encourage these companies to help find new jobs for these layed off people.

  40. Sharry Schneider says:

    All the big banks are like this. CBC just put out a report on how they are forcing their frontline staff to sell, sell, sell, whether cutomers need it or not. Many bank employees report having to quit because of the stress of having to meet sales targets, and other report actually adding features that cost the customer, to people’s accounts without permission of those customers, in order to meet the sales targets. This latest scummy move by CIBC is just the latest scandal. Meanwhile their CEOs are pulling in millions, and the banks’ profits are in the billions every year. They have lost sight of what they should be doing, offering good service to customers, in favour of greed. I have been with ScotiaBank, which is just as bad, for over 30 years, but I am moving to a credit union this week.

  41. Anonymous says:

    no good.

  42. Carlitos says:

    I’m so livid right now. Last week, I called CIBC to inquired about my mutual funds. The guy with a strong accent made me wait 5 minutes. Then, he gets back to me, and said, sorry I don’t know what you are talking about. I was so frustrated that after 10 minutes, I decided to finally hang-up.

  43. Anonymous says:

    I don’t get why everyone is so outraged. Every company in Canada is outsourcing. if you were a shareholder in a Canadian FI then you would be happy with your dividends. If you were self employed and could buy the product cheaper somewhere else. Would you buy it or get it from whoever is selling it for less. Sorry but its the cost of doing business.

    • From Montreal says:

      I would even think you have a point right if the big asshole cut his paycheck from 8.5 million to 1 million to show he is involved with what he practices. If he makes the profit out of canadian pockets, then we have the right to defend our canadian fellows.

  44. William Desautels says:

    We were going to open a checking account. Finding out that the bank we were to join is now firing Canadians.No way no how .

  45. Marina Abbott says:

    Took all my stuff out of CIBC years ago because of their unethical business practices. Now I read about this and am not really surprised. As for training their replacements I would just tell them to stuff it.

  46. Kim says:

    Big banks are just that – Big. They have lost themselves somewhere along the way wherein profits are more important than people.
    We have cut just about all ties with TD (for reasons too numerous to list)
    They no longer have our Mortgage, credit cards, investments, or insurance.
    And let me just say, we are not missing them. But I’m sure they are missing us.

    PS – I had a rep at TD once tell me that when I call the customer support line, if I want to ensure that I get an English speaking representative, to press ‘2’ for French.
    How interesting is that?

  47. Anonymous Franchisee says:

    Victor Dodig
    Have business and personal accounts with millions within your CIBC due to successful coffee franchises of the most famous coffee places in Canada.

    Due to your ignorance of hiring outside of Canada and forcing your own workers to train their replacements is unacceptable in any country let alone , here in Canada. My companies will be transferring all our businesses and personal accounts out of CIBC.

  48. Shannon says:

    I’m a VanCity credit union customer since two years ago. These banks are too greedy and offer shit service. I switched from BMO and would never go back.

  49. anon says:

    The problem is that we’re all brain washed into thinking that we need to show people that we “deserve” “x” amount pay for “y” amount of work. If you were to stop thinking about yourself for once in your life, you’d think that maybe anyone who spends their days working that maybe they deserve a living wage too? Greedy people, if left to yourselves for too long you’ll go insane.

  50. Don says:

    I don’t deal with CIBC , I’ve known people that have and and didn’t care for them, but, if I did I would leave them in a heartbeat !!

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