Investors Group cuts 80 jobs countrywide, 30 in Winnipeg

Investors Group cuts 80 jobs countrywide, 30 in Winnipeg

The latest in a series of cuts to the public and private workforces in Manitoba will see almost three dozen Investors Group employees lose their jobs in Winnipeg.

Ron Arnst, spokesperson for the financial services company, said the cuts are part of a company-wide cut of 80 positions across Canada. The changes took effect on Monday.

"Last year Investors Group decided to cease offering mutual funds with a deferred sales charge and reduced the size of the national advisor network. This year, as a result, realignment of our resourcing was required," Arnst said in a statement.

"These changes have come about in response to changing priorities and areas of focus as well as competitive and industry factors."

Arnst said the cuts were at the regional level in the corporate office in Winnipeg. He added that all affected employees were offered a compensation package.

The announcement comes after similar cuts to the public and private sector in Manitoba in recent months.

Great-West Life announced it would trim 450 jobs from its Winnipeg office last week, part of a countrywide belt-tightening effort that will see 1,500 positions eliminated.

Manitoba Hydro announced in February it would reduce its 6,200-strong workforce by 900 positions (or 15 per cent) through a series of layoffs to upper management and voluntary retirement packages.

In March, the Manitoba government ordered the five provincial health authorities, as well as CancerCare Manitoba, Addictions Foundation of Manitoba and Diagnostic Services Manitoba to cut 15 per cent of management positions to save money in the 2017-18 budget.