{"id":495780,"date":"2024-10-30T17:18:03","date_gmt":"2024-10-30T21:18:03","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=495780"},"modified":"2024-10-30T17:18:03","modified_gmt":"2024-10-30T21:18:03","slug":"manulife-cuts-2-5-of-its-global-wealth-and-asset-management-staff","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/manulife-cuts-2-5-of-its-global-wealth-and-asset-management-staff\/","title":{"rendered":"Manulife cuts 2.5% of its global wealth and asset management staff"},"content":{"rendered":"

Manulife says it has laid off approximately 2.5% of its global wealth and asset management team.<\/p>\n

A spokesperson for the insurance giant’s wealth and asset management division confirmed the cuts in an email to Investment Executive<\/em> on Wednesday.<\/p>\n

The staff reduction, first reported by the Toronto Star<\/em>, will leverage the insurer’s “global operating model and focus on high growth priorities,” the spokesperson said.<\/p>\n

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.<\/p>\n

The cuts come a year after Manulife slashed 250 jobs<\/a> globally in its investment management division.<\/p>\n

In August, Manulife said earnings were fairly flat in the second quarter<\/a> 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.<\/p>\n

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The insurer is expected to release its third-quarter results next week.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The cuts come just a year after the insurer cut 250 positions in its investment management division<\/p>\n","protected":false},"author":185342,"featured_media":449527,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,2318,2312],"tags":[],"yst_prominent_words":[5072,20124,19599,19438,18921,18919,12409,12095,10924,8683,2263,2145,2144,2142,2138,14],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/495780"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/185342"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=495780"}],"version-history":[{"count":4,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/495780\/revisions"}],"predecessor-version":[{"id":495795,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/495780\/revisions\/495795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/449527"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=495780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=495780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=495780"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=495780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}