Manulife shares climb 7 per cent as CEO scorns hedge fund’s claims as ‘commercially absurd’

Manulife shares climb 7 per cent as CEO scorns hedge fund’s claims as ‘commercially absurd’

Manulife Financial Corp. Chief Executive Officer Roy Gori said a hedge fund’s claim that the firm should be compelled to take unlimited deposits is “commercially absurd.” Gori used a portion of Manulife’s third-quarter earnings conference call Thursday to address a lawsuit by Mosten Investment LP. The Saskatchewan-based hedge fund sued Manulife two years ago, claiming…

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‘Our industry has not kept pace’: Manulife announces 700 job cuts amid tech push

‘Our industry has not kept pace’: Manulife announces 700 job cuts amid tech push

Manulife Financial Corp. unveiled a blueprint for its Canadian business on Thursday that envisions more technology — and fewer humans. In announcing a plan to “transform” its operations in Canada, Manulife said it would digitize and consolidate back-office functions, automate existing customer transactions and rejig the “real-estate footprint” for its headquarters. As a result, the Toronto-based insurance…

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