Sun Life Financial Inc. and Manulife Financial Corp. are Canada's first and fourth-largest fossil fuel investors
Full-time employee equivalent count was down 1,709 from Q4 of 2022
Revenues in wealth management increased 6% year over year
The bank's wealth management profits declined from the previous quarter
Costs related to layoffs totalled $223 million, though the bank didn't disclose the number of employees let go
Activists say banks aren't delivering on efforts against climate change
The warning about cuts follows the bank's trimming of 1% of full-time equivalent employees in Q3
The bank also reported lower profits and rolled out an expanded share buyback program
The monthly increase was the largest in a decade
Rising costs and slower loan growth are also challenges