Manulife cuts 250 jobs in investment management division

TORONTO – Manulife Financial Corp. says it has cut 250 jobs globally in its investment management division.

The cuts, first reported by trade publication Ignites, include employees in Canada, the United States, the United Kingdom and Asia.

The company, which had about 40,000 at the end of 2022, did not provide details as to how many Canadian employees were affected.

Manulife is just the latest financial firm to trim staff with several Canadian banks also reporting job cuts this year as economic uncertainty weighs.

Scotiabank said in October it was trimming about three per cent of its roughly 91,000 staff as part of its streamlining efforts.

RBC said in August it had trimmed one per cent of its workforce of about 94,000 and planned to cut one to two per cent more ahead of an expected economic slowdown.

This report by The Canadian Press was first published Nov. 14, 2023.

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