Manulife reportedly cutting 50 jobs, outsourcing property operations

What’s happening at Manulife?

Manulife Investment Management has reportedly trimmed its headcount in Canada as it moves away from property operations.

According to STOREYS, the financial services provider has laid off approximately 50 employees, with more layoffs allegedly taking place in the U.S.

In a statement, a Manulife spokesperson said the company is “evolving our organization away from property operations to refocus our business as an entrepreneurial investment manager.”

“As part of this repositioning, our teams working in Canada property operations will move to [Jones Lang LaSalle] in March 2023. We have a short-term contract with JLL for leasing services, and thereafter leasing will be provided by a range of brokerage firms.”

Jones Lang LaSalle (JLL) is a Chicago-based commercial real estate and property management firm.

Outsourcing operations

It’s not the first time that Manulife has outsourced its operations.

In a news release on Dec. 2, 2019, First National Financial LP announced that it had entered into an agreement with the company to provide “underwriting and fulfillment processing services for mortgages originated by Manulife Bank through the residential mortgage broker channel in Ontario and Atlantic Canada.”

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.

Recent layoffs in Canada

In addition to Manulife, several Canadian companies have announced significant layoffs this year.

Switch Health, Allstate Canada, Twitter Canada, Hootsuite, RenoRun, Shopify, Clearco, and Wealthsimple have substantially reduced their workforces as they continue to monitor market conditions.

SEE ALSO
• Manulife cutting 700 jobs, closing Kitchener office
• Canadian engineers let go as Amazon confirms layoffs
• Employment lawyer on Allstate Canada layoffs
• Layoffs 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.