Manulife Cuts 250 Jobs in Wealth and Asset Management Division

What’s happening at Manulife?

The global wealth and asset management arm of Canada’s largest insurer is scaling back its staffing levels. According to multiple news outlets, Manulife Investment Management has eliminated 250 jobs — approximately 2.5 per cent of its total workforce.

A spokesperson told Reuters that the layoffs are limited to the company’s offices in Canada, the U.S., Britain, and Asia. It remains unclear if any Canadian employees have been let go.

The reduction comes roughly a month after Desjardins cut around 400 jobs due to the “current economic context.”

At the end of 2022, Manulife had more than 40,000 workers globally, according to its website.

Employee support and next steps

Non-unionized employees in Canada affected by layoffs may be eligible for severance pay, which is determined by several factors, including role, tenure, and age.

Key facts about severance:

• Severance Pay: Can include up to 24 months’ pay in some cases, depending on specific circumstances.
• Components: Severance packages may include salary, bonuses, commissions, and other forms of compensation. Use our free Severance Pay Calculator to estimate what your package should look like.
• Deadlines: Employees have up to two years from their termination date to review and negotiate severance entitlements. Deadlines set by employers for accepting severance offers are not legally enforceable.
• Need guidance? Contact Samfiru Tumarkin LLP for a severance review and expert advice.

Employees affected by the layoffs at Manulife can find additional details about their rights and options in our Manulife Layoffs resource.

WATCH: Employment lawyer Lior Samfiru explains general severance rights on an episode of the Employment Law Show.

Major layoffs in 2024: Industry-wide impact

Manulife Investment Management joins the long list of major employers that have pulled out the axe this year.

Big names, including National Bank, RBC, BMO, Canadian Tire, Amazon, PwC, Maersk, Nokia, and Ubisoft, have announced deep job cuts as they continue to navigate challenging economic conditions.

SEE ALSO
• Firm launches $130M class action against Shopify for breach of contract
• Panera laying off 17% of corporate staff ahead of IPO
• Where are layoffs happening in Canada?
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

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.