Manulife layoffs: Workforce Reduced by 225 Positions
Manulife layoffs affects whom?
Manulife laid off 225 positions, impacting roughly 2.5% of its global wealth and asset management team. Paul Lorentz, head of Manulife’s investment management division, announced the changes in an internal email sent to staff on Monday.
Were Canadian Employees Affected?
Although the company did not disclose specific numbers for Canada, an anonymous source revealed that a number of employees at the Canadian headquarters were among those affected. A company spokesperson confirmed that the reductions were part of a global adjustment rather than a Canada-specific initiative.
This reduction comes on the heels of a similar move last year, in which Manulife cut 250 positions within the same division
How Is Manulife’s Financial Performance?
In Q2, Manulife reported core earnings of $1.7 billion, a 6% increase from the previous year. The global asset management unit’s core earnings grew by 23%, though new business declined by 96%.
Affected by Manulife Layoffs? Here’s What You Need to Know
If you’re a non-unionized Manulife employee in Canada impacted by recent layoffs, you may have questions about your rights and potential severance entitlements. Severance compensation depends on factors such as your length of service, position, and age. In some cases, employees can receive up to 24 months of pay.
At Whitten & Lublin, our knowledgeable employment lawyers are here to support you through this transition. If you’ve been affected by the recent job cuts at Manulife, reach out for a consultation online or call us at (416) 640 2667