Property large Lendlease is slashing 10 per cent of its world workforce, with as much as 740 jobs on the chopping block.
The shock announcement comes amid a five-year turnaround plan for the builder to ship “more sustainable” efficiency following a bruising few years for the development business throughout Australia.
In an inside memo to workers, Lendlease chief Tony Lombardo stated the Australian arm shall be lowered by about 5 per cent as a part of the latest cuts.
The bulk of the reductions, equating to fifteen per cent of the worldwide workforce, shall be felt by abroad employees.
It is known as much as 740 jobs shall be minimize.
A Lendlease spokesman declined to touch upon the entire variety of jobs being minimize when contacted by NCA NewsWire.
In a press release, Mr Lombardo stated: “It’s never easy making decisions that directly impact our people.”
“However, they’re absolutely necessary in order to generate more resilient returns for our securityholders and sustainable careers for our ongoing workforce.”
It is known the headcount discount won’t impression the corporate’s venture supply or targets for work in progress, completions and funds below administration.
Lendlease earlier this yr took a bruising on the Australian sharemarket, falling 6 per cent after its first-half outcome missed market expectations.
Source: www.perthnow.com.au
