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.
Get weekly money news
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.
- Calgary-based South Bow says demand strong for oil shipments to U.S. Gulf Coast
- Feds want pipeline projects reviewed by energy regulator instead of impact agency
- Pipeline company Enbridge unfazed by rival oil shipping projects
- Canadian Natural president says oil sands growth depends on new West Coast pipeline
“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
Comments
Want to discuss? Please read our Commenting Policy first.