Manulife slicing 700 jobs, consolidating Canadian operations

Manulife Financial Corp. pronounced Thursday it skeleton to cut about 700 jobs in Canada over a subsequent 18 months as it moves to record and mix some of a operations.

The association pronounced a cuts will come by intentional exits and healthy attrition.

The association now employs some-more than 13,000 staff in Canada, carrying combined about 2,000 people over a past 5 years. Manulife said it employs about 35,000 people globally.

In further to a proclamation of pursuit cuts, a association also pronounced it skeleton to connect dual apart locations into one Canadian domicile in Waterloo, Ont.

Manulife Canada boss and CEO Michael Doughty pronounced customers’ welcome of digital record has altered their expectations for how they correlate with their financial use providers.

“Our attention has not kept gait with this change,” Doughty pronounced in a release.

He pronounced a association is changing to focus on digital creation and operational potency “to safeguard we sojourn rival and make it easier for business to do business with us.”

The association also pronounced it is hiring and retraining employees across the nation with a concentration on record skills. 

Shares of Manulife Financial were adult 6 cents during $24.90 in afternoon trade on a Toronto Stock Exchange. 

On May 2, a association reported first-quarter gain that surfaced marketplace expectations. The association reported core gain per share of 64 cents per share. The average analyst estimate was for a distinction of 62 cents a share.

Manulife said a core gain for a entertain came in during $1.3 billion, an boost of $202 million, with a organisation citing clever expansion in Asia along with a global wealth and item government businesses for a increase.

Article source: https://www.cbc.ca/news/business/manulife-1.4715861?cmp=rss