Manulife slashing 700 jobs as company looks to restructure

A pedestrian walks past the Manulife building in downtown Vancouver, B.C., Thursday, May 3, 2012. The Canadian Press/Jonathan Hayward

TORONTO – Manulife Financial Corp. says it will cut its workforce by about 700 jobs as part of a wider restructuring of its operations as it makes a greater push to digital.

The company says the job cuts will come through voluntary exit programs and natural attrition over the next 18 months.

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Manulife says it will require fewer staff as it automates and digitizes existing customer transactions and consolidates other administrative and operational back-office functions.

The company says it will look to recruit and train top digital talent as it looks to reorient its customer service model.

Manulife says it will also consolidate its two Kitchener-Waterloo operations into one Canadian division headquarters.

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The company says it has more than 13,000 staff in Canada as part of a global workforce of about 35,000 people.

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