Manulife Asset Management: 250 Staff Members To Face Redundancy

Manulife Financial Corp has announced that it will lay off 250 staff members in its asset management and wealth unit.

The staff cuts will affect the company’s offices in Canada, the US, Asia, and the UK. The move comes as the financial industry struggles with market volatility and higher interest rates.

CEO of Manulife Investment Management, Paul Lorentz, said in a memo to employees that the firm is experiencing sustained market volatility, alongside a market cycle of higher-for-longer interest rates.