Fired by a Bank or Financial Services Company
Neufeld Legal P.C. can be reached by telephone at 905-616-8864 / 403-400-4092 or email Chris@NeufeldLegal.com
As our legal research into Canadian banking and financial service careers continues, as a result of our legal case work specific to employment law matters in Canada's bank and financial sectors, it is shocking to discover what has actually been transpiring with bankers and financial service employees. For as we pull back each further layer of employment malfeasance within Canada's banks and financial firms, the legal and financial problems become all the more serious and stunning, not the least of which has been RBC Royal Bank of Canada's firing of its Chief Financial Officer and its Vice-President of Corporate Treasury. And whether its court filings, court decisions rendered by the judiciary or other publicly-available documentation pertaining to employment in the bank and financial sectors, there is a major failure of banking and financial service employees to understand their own employment, and what they are entitled to from both a financial and legal standpoint. And this is particular true when a bank or financial services employee is fired allegedly 'for cause', especially as "the court creates a higher responsibility on banks to get it right when leveling cause. Because a finding of cause in the banking industry – more than any other – is truly a career ender." 1
And yet, it is the almost absolute focus on a singular dimension of the legal dispute, for both bank and financial service employee fired for cause or without cause, is all too often the most serious problem that we find in reviewing employment disputes, especially those that ended unfavourably for the terminated employee. Because there would appear to be a clear failure to identify other critical employment-related problems and address them, which is evident if one knows what they are looking for, yet have not even been touched upon, thereby negatively impacting the terminated employee, even if there is a positive outcome on the singular litigation dispute (while oftentimes being calamatious if there is a negative outcome when the litigation dispute has been fought over a singular matter - whether that is the amount of severancy pay or the bank had just cause to fire the employee without pay).
Having been fired by a bank or other financial services provider, whether your employer has labelled it a termination without cause (such that you are being offered severance pay) or termination for cause (such that you are being denied severance pay), you should never accept their interpretation of the facts and the law at face value. In our professional opinion, there is far more at play, from a financial and legal perspective, which Canadian banks and financial institutions are striving to limit their exposure to (or are completely oblivious to their legal responsibilities, which is hard to believe, although not impossible). And yet, it is the fired employee who suffers the financial consequences when they don't challenge their former employer, or even investigate the particulars of their own employment (with few people knowing where to look or what to look for).
Don't simply accept your bank or financial service employer's word as to specifics of your firing and what you are legally entitled to at the end of your employment. Take the time to look into your employment situation with our law firm, given that it is our firm belief that far too much is being overlooked when bank and financial services employees are being fired from their job. It costs you nothing to have a free initial consultation with our law firm, so contact our law firm today to schedule a consultation with a bank employment lawyer at Chris@NeufeldLegal.com or 905-616-8864 / 403-400-4092.
1. Ogden v. Canadian Imperial Bank of Commerce, 2014 BCSC 285 (CanLII), at para. 247.
More Bank Employment Law for Bankers and Financial Service Employees: Fired - Fired For Cause - Layoffs - Exit / Retirement - Career Transition
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