John Hancock Financial Services has eliminated another 129 jobs so far this year because of the slow economy. The recent job reductions are on top of the 280 positions it cut last year in response to the financial crisis.
Like many other companies in financial services, Hancock has been slammed by ultra-low interest rates, the turbulent stock market, and sluggish demand because of the weak economy. To cope, the company has made sharp cuts mainly in its US insurance business.
“All financial services companies have been affected by turbulence and uncertainty in global markets,’’ company spokesman Roy Anderson said in a written statement. Anderson declined to give more details on which jobs were cut.
Still, Hancock remains one of the city’s largest employers with 3,660 employees and said it is optimistic the job losses are coming to an end. The company even has 100 positions open and is “actively hiring,’’ Anderson said....
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Also see: Financial services strong in Mass.
Whatever, Globe.
