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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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

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.

LEARN MORE
• 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.