Real estate giant Lendlease to lay off 740 employees to improve returns
- Lendlease is laying off 10 percent of its workforce
- This is part of a five-year turnaround plan, the company says
- Overseas workers will take most of the losses
Lendlease is cutting 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 about 740 people.
Overseas workers will bear the brunt of job losses, with five per cent of the company’s Australian staff set to be made redundant.
A Lendlease spokesperson confirmed Tuesday that the company will lay off about 740 people.
The spokesman declined to say how many would be in Australia, but added that an estimate of 300 domestic redundancies was too high and that most of the reductions would be felt internationally.
“It is never easy to make decisions that directly impact our people,” Global CEO Tony Lombardo said in a statement.
“However, they are absolutely necessary to generate stronger returns for our value holders and sustainable careers for our ongoing workforce.”
The staff reductions will not affect project deliverables, work-in-progress targets, completions or funds under management, Lendlease said.
The company has been in Lombardo’s restructuring plan for two years.
Overseas workers will bear the brunt of job losses, with five per cent of the company’s Australian staff set to be made redundant.
