John Hancock Financial Services cuts 116 jobs


John Hancock Financial Services said it is cutting 116 jobs in Boston.

The layoffs — about 3 percent of the insurance giant’s Hub work force of about 3,800 — are part of a restructuring of the company’s annuity business and a streamlining of its infrastructure, company spokesman Roy Anderson.

The layoffs come just a few days after John Hancock CEO Jim Boyle said during a speech for the Greater Boston Chamber that the company’s presence in Boston “is as strong as it has ever been.”

Anderson added that John Hancock is “actively hiring” in other areas and has about 110 open positions.

“Some employees have also been redeployed to our growing mutual funds and 401(k) businesses,” he said in a statement.

John Hancock is owed by Toronto-based Manulife, whose CEO, Donald Guloien, said during a conference call last week that he would like to “unlock shareholder value” at the Boston division.

Guloien, who did not elaborate on any potential measures, told analysts on a conference call that the annuity business has operated at a “very significant disadvantage” under Canadian financial regulations.

Source: Boston Herald