Canadian insurance giant Manulife says it has slashed 225 positions, representing 2.5 per cent of its global wealth and asset management team.
In an internal email shared with employees on Monday, head of the division, Paul Lorentz, announced “organizational changes” that included the staff cuts, saying that affected people in the areas within the business have already been notified.
A source who did not want to be identified over fears of repercussions said a number of employees in the company’s Canadian headquarters were impacted. A Manulife spokesperson did not say how many jobs were lost locally as the cuts were “not Canada specific.”
The move comes just a year after the company eliminated 250 jobs in its investment management arm.
In its latest earnings report for the second quarter, Manulife’s “core earnings” were $1.7 billion, up six per cent from the same quarter in 2023.
Its global asset management unit’s core earnings grew 23 per cent, while it saw a decline in new business of 96 per cent.
