On Jan. 21, Sun Life Financial announced layoffs totalling four per cent of its global workforce of 30,000 — about 1200 people. Steve Kee, assistant vice-president of communications for the insurer, told The Insurance Journal that the cuts were made across different business units and regions. He said he did not have a specific breakdown for layoff numbers in Canada.
Mr. Kee said the job reductions were a "proactive action to manage expenses" during this challenging economic environment. He added that the company "is still strong, well capitalized...and looking at opportunities and going to build for the future."
Before the layoffs, the company first made reductions in other expense areas such as travel, entertainment and consulting fees, he added. The company has not put a dollar figure on how much Sun Life will save through the layoffs and other measures, he says.
The goal of these expense reductions is to cut unnecessary costs while maintaining client service. "We were looking for ways to continue to provide good service to the customer. We wanted to make sure we're well positioned to go through these times."
