Manulife cuts 2.5% of workforce in investment management, including Canada

What’s happening at Manulife?

Manulife Financial has announced the layoff of around 225 employees in its Global Wealth and Asset Management division, representing roughly 2.5% of the division’s workforce.

The layoffs impact both Canadian employees and other international locations, as confirmed in an internal email from division head Paul Lorentz. Affected employees have already been notified.

Official statements and context

In an email shared with Manulife employees, Lorentz described the job cuts as part of “organizational changes” aligned with the company’s focus on “strategic priorities” and its efforts to “deliver long-term sustainable growth” for clients and shareholders.

• A Manulife spokesperson further emphasized that the decision was influenced by ongoing market volatility, recent economic shifts, and the need for disciplined expense management. They noted that Manulife “goes to great lengths to avoid having to take these measures.”
• While specific Canadian numbers were not disclosed, sources indicate that employees in Canada were included in the layoffs.

This layoff follows similar cuts by Manulife last year, when it reduced 250 jobs within the same division, as well as recent staff reductions across the Canadian financial sector.

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If you’ve lost your job at Manulife for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

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