April 25, 2017 8:19 am
Updated: April 25, 2017 12:51 pm

Great-West Lifeco to slash 1,500 jobs over 2 years

Great-West Lifeco world headquarters is pictured in Winnipeg, Tuesday, February 19, 2013.

The Canadian Press/John Woods

WINNIPEG – Great-West Lifeco is cutting 1,500 jobs over the next two years in response to changing technology and customer expectations.

The Winnipeg-based insurance company said the cuts are equal to 13 per cent of the company’s 12,000 employees across the country.

Around 450 jobs will be slashed in Winnipeg, according to a company spokesperson.

Some employees will be offered a severance package. The company will also be reducing it’s temporary workforce and offering a voluntary retirement program.

Great-West (TSX:GWO) said the job cuts are part of a transformation of its business as it faces heightened competition.

“These are difficult but necessary decisions that we are not taking lightly,” Paul Mahon, president and CEP  of Great-West Lifeco said in a media release Tuesday.

“To ensure we remain competitive and drive future growth, we are reducing costs and becoming more efficient, while at the same time investing more in customer-focused innovations and service offerings.”

More to come

With files from the Canadian Press



© 2017 Global News, a division of Corus Entertainment Inc.

Report an error


Want to discuss? Please read our Commenting Policy first.