Manulife Financial Corp has cut hundreds of jobs in its global wealth and asset management division, amounting to about 2.5% of the unit’s staff, to streamline operations and focus on high-growth priorities. The Toronto Star reported that the firm is eliminating 225 positions. The division managed over USD791bn in assets as of June 30, with offices across Canada, the US, Asia, Oceania, and Europe. Asset and wealth management firms are facing profit margin compression, according to Deloitte’s 2025 investment management outlook, driven by investor demand for low-cost funds and a shift toward exchange-traded funds. The consultancy also highlighted digital transformation, technological advancements, and cybersecurity as major risks for investment managers. Manulife is scheduled to report its third-quarter earnings on Nov. 6 after market close.