Lendlease is cutting 760 jobs – 10 per cent of its global workforce.
The Sydney-headquartered developer and contractor has not specified what job roles will be cut, nor which regions will be worst-affected by the changes. However, it said its Australian workforce will see a 5 per cent reduction, with 15 per cent being cut internationally.
The company has 7,600 workers across countries including China, Japan, Malaysia, Singapore, the US, the UK and Italy – with 1,200 workers residing in the latter two. If Lendlease’s European workforce was reduced by 15 per cent, 180 jobs would be lost from the UK and Italy.
Lendlease chief executive Tony Lombardo said: “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.”
The decision comes after the company made a A$141m (£109m) loss in the six months to 31 December 2022, with its European arm announcing a £230m loss for the year to June 2022. Both losses were partly caused by £114m that Lendlease set aside to deal with historic building safety obligations in the UK.
Lendlease is the latest in a string of contractors making redundancies, with Sir Robert McAlpine, Laing O’Rourke, Bam and Keltbray having all recently announced job cuts.
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