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HSBC Bank of Canada is a major financial institution and the Canadian subsidiary of the global HSBC Group, providing banking and financial services across Canada. HSBC Bank of Canada employs thousands of Canadians across a range of financial services roles. If you have been recently dismissed, laid off, or otherwise separated from your employment with HSBC Bank of Canada, you may be entitled to notice, termination pay, severance, and other compensation under Canadian employment law. Speak to our employment law experts to understand your rights and what you may be owed following a layoff or termination.
Have you been recently dismissed or let go from your employment with HSBC Bank of Canada?
Speak to JPak Employment Lawyers. Our employment law expert lawyers have successfully advised and represented hundreds of Bank employees who have been dismissed or laid off.
The following are frequently asked questions by Bank employees facing termination:
Can HSBC Bank of Canada terminate without cause? Is this an unjust dismissal?
The Canada Labour Code provides non-unionized federal employees with protection from being dismissed without cause. Without cause terminations are generally prohibited and are considered an “unjust dismissal” within the meaning of section 240 of the Canada Labour Code.
The onus is on the Bank to give reasons showing why dismissal is justified. For example, the Bank may show just cause for dismissal or that it is terminating the employee for lawful reasons permitted under the statute.
Is the severance package being offered by HSBC Bank of Canada in accordance with your legal entitlements?
Separate from the above, you will want to verify that the Bank has provided a severance package commensurate with your legal entitlements. Whether the severance package is fair from a legal perspective will depend on a number of considerations, including: the character of your employment, length of service, your age at termination, the availability of comparable jobs in the market, your contract of employment, and whether you were induced to leave secure employment.
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What about my LTIP/STIP/options, RSUs or other equity?
If you have been provided with a severance package, carefully review it and determine what happens to your current fiscal year bonus. Are you receiving incentive compensation for the period of the fiscal year that you actively worked? Further, has the Bank properly taken short-term and long-term incentive compensation into consideration in evaluating your severance?
If the Bank cancelled your outstanding and unvested equity compensation, it may be required to compensate you for the loss of unvested equity compensation, whether or not you are actively employed on the vesting date.
HSBC Bank of Canada is stating that the reason for termination is due to downsizing/restructuring, but I feel that I was singled out. What are my rights?
An employer may state that the reason for a layoff is ‘downsizing’ or ‘restructuring’, but if you believe this to be false, you may be entitled to compensation. The dismissal may be considered an unjust dismissal under the Canada Labour Code, and further, if HSBC Bank of Canada is not acting in good faith, fairly or transparently in the manner of dismissal, you may have additional compensatory relief. It is prudent to speak to an employment law expert to find out what remedies and options are available.
Must HSBC Bank of Canada provide the reasons for my dismissal?
In short, yes. If the Bank does not provide you with reasons, you can ask for those reasons in writing, and the Bank must comply within 15 days of the written request for reasons. This is required by section 241(1) of the Canada Labour Code.
HSBC Bank of Canada says it has just cause for dismissal? Do I have any recourse?
Most instances of poor performance or employee misconduct do not rise to the level of “cause-worthy” conduct within the meaning of the Canada Labour Code or the common law.
Should I sign a release provided by HSBC Bank of Canada?
Generally, an employer will ask a departing employee to sign a release in exchange for the severance package. It is important that if you are being asked to sign a release, that you get advice on the package, the lawfulness of the dismissal, and your rights before you sign anything. Once you sign a release, you are generally forfeiting your right to pursue any further compensation or legal claims.
I am a unionized employee, what are my rights?
If you are a member of a bargaining unit, you should speak with your union representative about your rights under the applicable collective agreement. Typically, a collective agreement will contain provisions pertaining to layoffs, bumping and seniority rights and may also include provisions pertaining to your termination entitlements. In the context of downsizing or layoffs, an employer may be required to follow a “first in, last out” protocol. If your employer does not comply with the collective agreement requirements, the Union may file a grievance on your behalf.
Speak to one of our employment law experts
Speak to one of our Toronto employment lawyers to find out if your case qualifies as an unjust dismissal, whether the severance package is fair and whether you may be entitled to additional compensation. Contact us today.
Disclaimer: The materials above are for general information purposes only. This is not legal advice. This is not specific to any one company. This does not suggest any improper conduct on the part of a specific employer.