Recent major layoffs in Massachusetts
Number of jobs affected: 116
John Hancock Financial Services said it is cutting 116 jobs in Boston, or about 3 percent of its local workforce.
The insurance company said the cutbacks are part of efforts to streamline operations and restructure its annuity business. Insurance companies have been under pressure because of the weak economy, reducing demand for life insurance and other optional products even as wild swings in the stock markets and unusually low interest rates make it harder for financial institutions to earn returns on investments.