Manulife says it has laid off approximately 2.5% of its global wealth and asset management team.
A spokesperson for the insurance giant’s wealth and asset management division confirmed the cuts in an email to Investment Executive on Wednesday.
The staff reduction, first reported by the Toronto Star, will leverage the insurer’s “global operating model and focus on high growth priorities,” the spokesperson said.
The company, which had more than 38,000 employees across divisions at the end of 2023, did not provide details as to how many Canadian employees were affected.
The cuts come a year after Manulife slashed 250 jobs globally in its investment management division.
In August, Manulife said earnings were fairly flat in the second quarter as better market performance was offset by a sizable loss on a sale of debt instruments. Its adjusted earnings, or what it calls core earnings, came in at $1.74 billion, up 6% from $1.64 billion in the same quarter last year.