Manulife to cut 700 jobs in overhaul of Canadian business

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.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 has more than 13,000 staff in Canada as part of a global workforce of about 35,000 people. The cuts represent about 5 per cent of Manulife’s Canadian employees and 2 per cent of its global workforce.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.Roy Gori, who was appointed chief executive of the Toronto-based insurer last October, has expressed his desire to modernise the business with technology, once saying the insurance industry was “still in the dark ages”.Shares of Manulife were slightly higher at $24.86 on the Toronto Stock Exchange on Thursday afternoon. With files from Reuters read more

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Lawyer Bernard Madoffs last surviving son Andrew dies of cancer in New

NEW YORK, N.Y. – Andrew Madoff, Bernard Madoff’s last surviving son, died of cancer on Wednesday, his lawyer said.Andrew Madoff and his brother, Mark, both worked on a trading desk at Bernie Madoff’s firm, a side of the business that wasn’t directly involved in their father’s $65 billion pyramid scheme.Bernard Madoff was arrested in December 2008. Almost exactly two years later, Mark Madoff hanged himself by a dog leash on a metal ceiling beam in his Manhattan loft apartment, as his 2-year-old son slept in another room.“One way to think of this is the scandal and everything that happened killed my brother very quickly,” Andrew Madoff told People magazine last year. “And it’s killing me slowly.”Andrew Madoff, 48, died at a New York City hospital from mantle cell lymphoma, his attorney Martin Flumenbaum said Wednesday.He was first diagnosed with the rare form of cancer in 2003 but went into remission. He blamed the relapse on the stress of living with his father’s scam. The disease returned in October 2012, and he told People magazine that he felt “blindsided.”Andrew Madoff had served as the chairman of the Lymphoma Research Foundation’s board of directors until his father’s scheme was revealed.Funeral arrangements will be private. by The Associated Press Posted Sep 3, 2014 10:06 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Lawyer: Bernard Madoff’s last surviving son, Andrew, dies of cancer in New York City read more

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