Manulife Financial Corp. has cut about 2.5% of the workforce at its global wealth and asset management business, a company spokesperson confirmed.
“We have recently undergone a carefully considered reduction to the size of our workforce in an effort to leverage our global operating model and focus on high growth priorities,” said the spokesperson. “We continue to invest in the most strategic opportunities to scale the business and deliver additional capabilities to our clients.”
The Toronto Star reported that Manulife is cutting 225 jobs at the division.
Manulife cut 250 jobs in the same division last November.
On Aug. 7, Manulife reported as part of its second quarter earnings that its global wealth and asset management unit saw net inflows of C$100 million ($71.9 million), a steep plunge from C$2.2 billion of net inflows in the year-ago quarter.
As of June 30, the global wealth and asset management unit had assets under management and administration of about C$1.2 trillion, according to the earnings report. The company had more than 38,000 employees at the end of 2023, according to its website.
Manulife, which has office locations in Canada, the U.S., the Philippines, Hong Kong, Cambodia and Thailand, will report its third quarter earnings on Nov. 6.
