Lendlease is cutting 760 jobs, 10% of its global workforce.
The Sydney-based developer and contractor has not specified which job roles will be cut, or which regions will be most affected by the changes. However, it said its Australian workforce will see a 5% reduction, with a 15% cut internationally.
The company has 7,600 workers in 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 were to shrink by 15%, 180 jobs would be lost in the UK and Italy.
Lendlease chief executive Tony Lombardo said: “It’s never easy to make decisions that directly affect our people. However, they are absolutely necessary to deliver more resilient returns for our security holders and sustainable careers for our ongoing workforce.”
The decision comes after the company posted a loss of A$141m (£109m) for 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 set aside by Lendlease to meet building security obligations historical in the United Kingdom.
Lendlease is the latest in a string of redundancies by contractors, with Sir Robert McAlpine, Laing O’Rourke, Bam and Keltbray all recently announcing job cuts.
