Hello ANON MANURE,
I worked for 6 years at Manulife IS and changed the job last month. I felt exactly the same way you are feeling at one point. I saw people really worked hard but the management focus was on building outsourcing teams (I felt there was direction from upper management). As result, we lost our team spirit and the only motivating for everyone to play political games in order to survive while actual work was gradually done by outsourcing firms in India. E&E is more outsourcing initiative (at least in IS from my prospective). Finally they are announcing gradual layoffs and you the rest.
After changing job, I am really happy and in a new company back to normal where I feel I am getting paid for my skill and management understands that real wealth is their employees. Also, workload is heavy but no political games like in Manulife. I feel peace of mind after coming out from Manulife’s miserable life.