Property giant LendLease to cut 740 jobs to improve returns
Lendlease is laying off 10 percent of its workforce as part of a five-year turnaround plan, with the company saying foreign workers will bear the brunt of the losses.
Lendlease has cut 10 percent of its global workforce as the real estate giant works to implement a five-year turnaround plan.
A Lendlease spokesperson confirmed on Tuesday that the company will lay off around 740 people.
Overseas workers will bear the brunt of the job losses, with five per cent of the company’s Australian workforce subject to redundancy.
The spokeswoman declined to say how many people would remain in Australia, but added that an estimate of 300 domestic layoffs was too high and most of the reductions would be felt internationally.
Global CEO Tony Lombardo said in a statement, ‘It’s never easy to make simple decisions that directly affect our people.
‘However, they are absolutely necessary to create more resilient returns for our security holders and sustainable careers for our ongoing workforce.’
The head-count reduction will not affect project delivery, progress work targets, completion or funds under management, Lendlease said.
The company is two years into Mr. Lombardo’s turnaround plan.