Manulife cuts 250 jobs in investment management division

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 3% of its roughly 91,000 staff as part of its streamlining efforts.

RBC said in August it had trimmed 1% of its workforce of about 94,000 and planned to cut 1-2% more ahead of an expected economic slowdown.

In its third-quarter earnings in August, Bank of Montreal reported costs related to layoffs totalled $223 million, though the bank didn’t disclose the number of employees let go. A month later, BMO Private Wealth Canada eliminated several roles and consolidated its regions to four from six.

Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.