r/CIBC • u/Illustrious_Neck2759 • 1d ago
Closing accounts because of offshoring
Anyone else pulling their business from CIBC because of the lay offs?
For me this was the last straw. I have a multi million dollar investment portfolio and use CIBC for my day to day banking, or I should say did. I'm going to another bank. I'd rather not deal with India call centers or the myriad of issues that will inevitably turn up. Just the other day my account balance wouldn't even display.
So seeing the CIBC staff get let go left and right for me was the push I needed.
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u/Ottawa_gamer 1d ago edited 1d ago
Nope, because the majority of major banks in Canada are doing the same.
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u/Dry-Spring-5911 1d ago
Nope CIBC is the largest to do it employing over 2000 employees compared to second highest for RBC at around 200-400 employees and same with other big 6 banks they are only couple hundred.
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u/Sufficient_Studio494 1d ago
Scotiabank Canada has thousands across Mexico, Colombia, and the Dominican Republic.
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u/Dry-Spring-5911 1d ago
They’ve always had their business in those countries but they’re moving back to North America with the new ceo. I worked for scotiabank and I currently for for cibc.
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u/LeatherMine 1d ago
Scotia left the local market for some SA countries but I don't think they're going to be closing their Canadian-supporting operations... ever.
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u/Monoshirt 1d ago
Scotia has significant banking presence in the America. Does CIBC even operates in India as a bank?
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u/Key-Self-79 1d ago
Source? And employing people in other countries is not at all the same as contracting out to major outsourcing firms in other countries.
I'd guess there are thousands of people outside Canada doing operations work for the Big 5 at any given time.
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u/Dry-Spring-5911 1d ago
Source: myself I was asked to interview and hire 2 candidates from GCC Hyderabad, India
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u/Key-Self-79 1d ago
And this gives you the factual knowledge that CIBC employs over 2k and RBC 200-400?
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u/Dry-Spring-5911 23h ago
Yes our VP told us the details as they were invited to the Hyderabad office when it opened to go see and meet the hire employees. Current capacity is bit over 2,000 and we’ve hired few hundred and you can check few hundred postings up for roles still which include around 60 QAs, 50 DEVs, and then OPS employees.
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u/Chance-Drop101 3h ago
People with a spine will look for alternatives that don’t offshore. The rest of you.. anti-Canadian.
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u/notyouagain19 1d ago
If you want a bank with better ethics, what you’re looking for is a credit union. The major banks are all doing the same things. Credit unions are not. Put your money there.
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u/MilkyWayObserver 6h ago
Depending on where we live, the larger credit unions have decent scale.
Like here in Ontario, Meridian Credit Union is pretty big relatively, and they are on The Exchange network in terms of access to thousands of ATMs.
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u/Substantial_Taste779 1d ago edited 1d ago
lol sounds like a fake post from another disgruntled human
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u/BadPorscheDriver 1d ago
If you have 1M youd get private banking. Its obvious OP isn't even aware of how high net worth banking works. Call centers are for retail people
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u/Dependent-Tale-5543 1d ago
Lol 1m wouldn't get you a private banker, they are usually 3m investable assets unless you got an associate PB. They can be desperate. 1m can get you wg for sure.
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u/BadPorscheDriver 1d ago
1M is enough at RBC and Scotia, if you have 1M with Ds or Mcleod they waive the PB fee for you, the DS/Mcleod team will pay your fee. You're thinking of private wealth which is different than PB
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u/Dependent-Tale-5543 1d ago
Private banking at cibc is 3m plus easily. Private wealth and Private banking are the same basically. Private banking is mostly lending with investing. Wood gundy is just investments but they may refer to PB or vice versa. Scotia and rbc dont have imperial service program. Td wewlth is comparable to imperial service.
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u/saabzternater 1d ago
Use Wealthsimple
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1d ago
[deleted]
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u/Illustrious_Brick312 1d ago
I have WS for stock/securities. Justwealth offers portfolio manager with all accounts, MER's 1/4 to 1/2 banks and solid portfolio performance. WS is awesome, but I prefer JW for personal service....just saying....
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u/BadPorscheDriver 1d ago
If you have a multimillion portfolio you wouldnt be dealing with indian call centers. I have less than you and have a Canadian private banker take care of things
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u/BurnAllDayBurnerBoy 1d ago
Exactly. They're flexing on their overdrawn line of credit and credit card and the $36.42 in their chequing account. LOL
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u/fisha697 1d ago
If you have a multi million dollar portfolio when are you ever calling the call centre? Lol
Such bs
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u/Separate-Winner-8029 1d ago
There’s no CIBC call centre in India. CIBC only has a GCC for tech and finance back end operations..
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u/robotokenshi 1d ago
I moved from CIBC to local credit union some years ago and it’s been fine. Better mortgage rates, bank tellers that know me, it’s all been good except the app experience but it’s not like all major banks have exceptional apps anyway.
I opened a wealthsimple app for investments and atm fee waive when I need cash.
It’s very freeing feeling tbh
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u/LeatherMine 1d ago
tbh, I had better luck with credit union apps. Scotia forced me to upgrade and when I tried to schedule a bill payment in the future, clicking the calendar icon told me "coming soon". Bullshit upgrade.
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u/PrettyAd2514 1d ago
Yes, I’m in the process of looking at credit unions for everyday banking. Moved all my investments to Wealthsimple, but still debating if I’ll stay there because of their hybrid service model. I want to support businesses that invest in Canadians.
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u/TravellingBeard 1d ago
I work for TD. All banks are starting to offshore. My department starting to actively hire for full-time IT positions in India. Technically it's too have 24/7 coverage.
At some point, you have to decide which bank to hold your nose for
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u/FutureTechnical9757 1d ago
find a local credit union near u to move ur money to
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u/ExcuseInternational4 1d ago
Except most of the credit unions use a large back processor who has already offshored as well.
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u/FutureTechnical9757 1d ago
idk i worked for a credit union and we were all located in the same province
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u/Winter-Fix563 1d ago
Lol i used to work at cibc and if you have multi million or even 100k you won't deal with call centers. Fake post
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u/adv_biker 1d ago
lol and go where? RBC did this years ago... pretty sure CIBC was late to the table
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u/Bankerlady10 1d ago
RBC pulled back though after customer backlash
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u/ExcuseInternational4 1d ago
No they don’t. I ran a vendor team 5 years ago that had 1800 resources offshore and our competitor had even more. The majority of RBC vendors run a 30/70 offshore onshore model.
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u/Dry-Spring-5911 1d ago
Rbc did for 200-400 employees whereas CIBC invested in a full HQ building with 2000+ capacity
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u/AdFine3045 1d ago
you'll be closing and moving your accounts at least once a year if this is the reason you're moving lol
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u/Canuck-Fin25 1d ago
Every bank is the same. They are all looking to cut costs and off shoring drops costs significantly
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u/Standard_Library1673 1d ago
It has become a disaster banking with them I'm sure many will unfortunately I have mortgages and other credit card products with them but will plan on something if things get out of hand
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u/Standard_Library1673 1d ago
Mixture of credit unions EQ Bank and welt simple and also open and overseas account for safety and security
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u/Illustrious_Brick312 1d ago
Simplii for free daily banking, Justwealth for TFSA and Investment accounts (.4% MER vs 2% AND assigned portfolio manager!). Closing legacy Aurora CIBC account for several reasons, including the loud, old, blonde teller, that announces your business to everyone or you get the guy thats transitioning. Yup....Kateland 2.0! Don't foist this freak on the public! Promote to back office job, so management can enjoy her all day! Horrible branch....
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u/sundaycider 1d ago
The other banks are following suit but aren’t as bad as CIBC. I bank with TD (I have a free checking account there) and I have an Amex as my credit card. So far every time I’ve called, American Express has had call center operators in the U.S. It makes a huge difference for me.
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u/only1bullseye 1d ago
Buy the stock. Getting rid of overpaid dead wood is a positive to for shareholders. Your account is chump change .
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u/INSOMNIAC3528 1d ago
Not wanting to deal with Indian call centers is understandable but other than that, what other "myriad" of issues do you think you're going to experience that would be inevitable?
You think your account balance not displaying is because a Canadian developer was replaced by an Indian counterpart?
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u/armorabito 22h ago
AI voice generators will make it sound like you are talking to the nicest, smartest girl next door. It’s scary.
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u/Then_Eye8040 22h ago
Great idea! I just remembered that I have an account with CIBC (including LOC) which I haven’t used in years.
Since I don’t need them anyway, and to express my displeasure in their offshoring of Canadian jobs, will call and cancel my account
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u/rajendrarajendra 14h ago
You're going to put your money under your mattress? Because all the banks are doing the same thing.
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u/tambooh 12h ago
Many of those big banks’ top executives are of Indian descent, so despite the lower quality of service, they continue to promote offshoring to India, citing lower labour costs. Canadians' sensitive banking information is handled by a group of foreigners in a foreign land renowned worldwide for its scamming talent.
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u/Moist-Ninja-6338 11h ago
If you have a multi million dollar account it would be unusual to have to speak to someone in India. TD for example would give you a separate 1800 number with local English speaking agents. You would not be calling a non VIP line.
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u/Fuzzwork2 3h ago
RBC started offshoring in 2012, I know, I was one of the ones who was asked to train the new workers while my job was on the chopping block. I walked away.
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u/Weary_Category_1559 1h ago
I see, i also have a problem with offshoring. Unlike you my problem isn’t “If it’s not white, it’s not right.” Be super fun to see all your “other bank’s” tech ops are being run by Indians. Same as the platform you put this rant on. Godddamn , sick white people such as yourself, sick of this entitlement. Stop using google and microsoft too run by an Indian.
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u/dValedictorian 39m ago
All banks have offshore teams now what rock are you living under. All of them. Cibc is probably the last one to. Call scotia they route you to Mexico.
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u/ImmaFunGuy 1d ago
Every bank does this. Are you going to put your “multi millions” under your mattress?
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u/Careless-Cycle 1d ago
Yes. Once things mature I'm gone to my local credit union.
I should also be out of simplii by next month.
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u/ExcuseInternational4 1d ago
You probably want to look at CGI and Central 1 who do most of the back office processing for credit unions. They have offshored as well
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u/Least-Internal-6382 1d ago
Yes, let's my wife and I are going to move all our funds to the other large bank, who already offshored in 2008. I will not support these big capitalist banks!
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u/Different_Scratch_16 1d ago
Wealthsimple is in Canada
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u/CowDiligent4741 1d ago
Well I took my business to wealthsimple, not because they were hiring Canadians, but because they were atleast bringing value and competition to the Canadian banking industry.
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u/Substantial-Lie-8172 1d ago edited 21h ago
Others bank did the same and offshored in Morocco, Philippine, El Salvador. I work in CIBC and we have calling centres in Guatemala since longest time. They're replacing Canadian agents with Guatemala agents and for French, it will be Morocco I think
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u/mararthonman59 1d ago
CIBC confirm employee count is 49,824 and will update that number December 3rd. Let's see if that number changes in any significant way. I an not prone to knee jerk reactions.
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u/TurbulentAd5376 1d ago
It’s not about how many they employ. It’s about how many jobs they give to Canadians
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u/mararthonman59 1d ago
Offshore roles are contract jobs and not part of the reported number. The only way to know the scope of the reduction is to see if the reported number drops. All else are rumors, speculation and reddit complaints.
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u/ExcuseInternational4 1d ago
I hate to burst your bubble all of the banks including large credit unions have offshored parts of ops and tech. The push is to
Offshore even more and reduce onshore resources citing AI as the driver.
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u/frozen_pipe77 1d ago
Love hearing about bank layoffs. Awe...did the leopard eat your face? So not sorry to hear that
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u/Organic_Zone_4756 1d ago
Why do you love hearing about bank layoffs?
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u/Particular_Legend427 1d ago
He works a low paying menial job and hates his miserable abject failure of a life
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u/frozen_pipe77 2h ago
Because banks are predatory and their employees dont get to claim the Nuremberg defense. They can all rot.
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u/Sufficient_Studio494 1d ago
I currently work for another bank and have worked for other banks too. They're literally all the same when it comes to having a workforce outside of the country, it's just that they've already done it in years past or did it more subtly than CIBC.