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 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.
The company says it has more than 13,000 staff in Canada as part of a global workforce of about 35,000 people.
A Manulife spokesperson tells 570 NEWS they won't know how many jobs in K-W will be cut until they know how many staff choose to take part in the voluntary exit program.
The fate of the Manulife buidling at 25 Water Street in downtown Kitchener will only be decided after staff there transition to the Waterloo office.
The statement says the Waterloo office has more to offer to the staff, and the Water Street building would be easier to re-purpose.
The point of the restructuring is to improve Manulife's digital services, and in KW, the company will be, "reinventing its workplace to foster more collaboration and innovation."
The statement goes on to say Manulife remains fully committed to Kitchener-Waterloo, and all its major operating locations in other Canadan cities.
The company has 1,500 employees in Kitchener and another 1,805 in Waterloo.
with files from 570 NEWS