Meridian Credit Union lays off more than 5% of its total workforce, possibly permanently | Meridian Credit Union | Discussion forum

Yesterday, Meridian made an announcement internally to employees. Please refer to the following statement for clarification. It is being shared by Meridian's Corporate Communications Department with media upon request.

Media Statement - May 20, 2020

Like every other bank and credit union in Canada, Meridian has been impacted by the COVID pandemic. After investigating and implementing all possible, feasible options, we have determined that a temporary reduction in our workface is a necessary and prudent financial decision. This is a difficult decision to make.

We have tightened Meridian’s total employee base by 84 through temporary layoffs for the next three months, representing four per cent of the total workforce. In addition, 25 positions have been determined as redundant. We will also be introducing an option for a limited number of employees who are available for early retirement in the coming weeks.

These decisions are not being taken lightly but with the understanding that, like all financial institutions in Canada, and globally, we are facing strong headwinds in 2020/21. We have an obligation to all our Members – including employees – to remain financially stable, strong and sustainable.

The foreseeable future is going to be difficult for the Canadian economy and economies around the world and we must be ready for the challenges ahead. Based on our projections for 2020/21, we are taking action now to ensure that we remain in a financially strong position.

Meridian has experienced exponential growth particularly in the last five years. Our workforce has increased by 34 per cent to be 2,011 strong. Total assets under management – which includes both our on-balance sheet assets as well as our wealth portfolio – grew by 17% in 2019, to $23.9 billion by end of year in 2019. Meridian has access to a number of capital and liquidity options that ensure the continued strength of our business throughout this pandemic. A strong capital base allows us to absorb shocks incurred through economic downturns and ensures the protection of Members’ deposits.

We appreciate what the impact of this development is on the people who are affected and we are doing everything that we can to help. At the end of the three-month temporary layoff, we hope to call all employees back to work. For employees whose positions are now redundant, we are providing severance and support.

We thank our Members for their business and our outstanding talent pool of committed employees. We are confident that we can weather this storm.

Teresa Pagnutti, Senior Public Relations Manager
Meridian