Manulife cuts 250 jobs in asset management, wealth unit

Manulife is going ahead with job cuts after reporting a boost in third-quarter earnings from its business in Asia. — Bloomberg

TORONTO: Manulife Financial Corp has cut 250 jobs in its wealth and asset management unit, reducing staff at offices in the United States, Canada, the United Kingdom and Asia.

“Like every other asset manager, we are weathering sustained market volatility and, for the first time in 15 years, a market cycle of higher-for-longer interest rates,” Paul Lorentz, chief executive officer of Manulife Investment Management, said in a memo to employees, first reported by Ignites, a fund industry publication.