All news

Statement on Organizational Changes at Vancity.

Thursday, June 13, 2024, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. – Wellington Holbrook, Vancity’s President and CEO, today issued the following statement regarding organizational changes at the credit union.

“Earlier today, the Vancity leadership team held an all-staff meeting to announce difficult changes involving organizational restructuring. As part of these changes across the Vancity Group, almost 200 talented individuals (7% of our 2,500+ colleagues) are leaving our organization.

“Our employees are the heart of Vancity, showing up every day to support our members and communities, so the decision to restructure was incredibly difficult. However, this step is essential for two reasons. We need to align Vancity's business with our current market conditions and we also need to support a future-focused renewal of our commitment to members and community. The reorganization and change we’re implementing will enable us to maintain high-levels of member service and also invest in our continued growth, innovation and success as Canada’s largest community credit union.

“Decisions on where and how to make reductions were taken with great care and consideration. We gave similar care to providing a comprehensive, fair and equitable package of compensation, health and wellbeing benefits and career supports.

“While today's announcement is incredibly difficult for those who are directly affected, Vancity will keep doing what we’ve done for over 78 years: continue to be successful by investing in growth and innovation that serves our members and communities best. The decisions made today, and the positive changes being planned for the weeks and months ahead, will put us in the best position possible to continue to realize our vision in the next 78 years.”


Supporting Information

  • Vancity is providing every employee affected by this restructure with a comprehensive, fair and equitable package of compensation, health and wellbeing, and career supports.
  • Vancity is continuing extended health, dental and insurance plans, as well as Employee and Family Assistance Program services, for three months following employment.
  • Those employees leaving Vancity on June 13 will also receive one additional month of TELUS Health Virtual Care services.
  • Vancity is maintaining the employee discount rates on mortgages and loans until the end of the product terms and extending account savings perks until the end of 2024.
  • Vancity will follow our collective agreements in terms of next steps for union member employees.


About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 560,000 member owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $34 billion in assets plus assets under administration, Vancity is Canada's largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

For more information:

Media Relations | Vancity
T: 778-837-0394