08:35 AM EDT, 10/31/2024 (MT Newswires) -- Manulife Financial ( MFC ) has cut hundreds of jobs in its global wealth and asset management business, according to media reports.

BNN Bloomberg said 225 jobs, or 2.5% of the division's staff, will be eliminated, citing a Toronto Star report.

Manulife's wealth and asset management division had more than $1.1 trillion of assets under management and administration as of June 30.

Manulife reports its third quarter earnings on Nov. 6 after the market close.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)