Manulife Hancock Job Cuts
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Thursday, March 25, 2004

Manulife Hancock Job Cuts

The Boston Globe reports that Manulife Financial Corp. could cut hundreds of Boston jobs when it merges with John Hancock Financial Services Inc. Manulife's chief executive, Dominic D'Alessandro, told the Globe that short-term dismissals in Boston would be "in the low hundreds."

D’Alessandro said job reduction would come largely through attrition, but some critics charged him with understating planned cuts and overstating Manulife’s commitment to Boston.

Hancock’s board members will be retained. Also, Hancock’s chief executive officer, David D’Alessandro (no relation to Dominic) will become chief operating officer at the combined company. He’ll earn $5.1 million excluding options this year, as opposed to the $21.7 million he took home in 2002.

The combined companies would have approximately 5,200 Boston employees. A Manulife corporate spokesperson said the company wasn’t releasing additional information about job cuts at this point.

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