Manulife Layoffs: 2.5% workforce cut 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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Your rights

In Canada, non-unionized employees at Manulife are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The workforce reduction at Manulife comes amid a flurry of job cuts in 2024.

Other big names, including Volkswagen, Boeing, Deloitte, Loblaw, Ricoh, ApplyBoard, Qualcomm, Atlantic Music Group, and IBM, have also pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Amazon Layoffs: Nearly 14,000 managers could be axed to cut costs
• CareerBuilder + Monster lays off 15% of staff: Report
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.