Manulife cutting 700 jobs as part of digital business transformation

Manulife Financial Corp. said Thursday it will cut about 700 jobs as it becomes the latest financial services company to streamline and digitize customer service operations. The cuts will largely target customer service positions that are no longer necessary as the company automates customer transactions, said Manulife Canada CEO Michael Doughty. "Our industry, including us, are still doing too many things the old way: processing paperwork, accepting mail, answering telephone calls on information requests that clients should be able to access on their own." "This is a pretty bold step in transforming ourselves to become a digital, customer-centric organization," said Doughty. The job cuts will come through voluntary exit programs and natural attrition over the next 18 months, the financial services company said.