Lendlease is cutting 10 per cent of its global workforce as the real estate giant works to implement a five-year turnaround plan.
A Lendlease spokesman on Tuesday confirmed the company would lay off about 740 people.
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Overseas workers will bear the brunt of the job losses, with five per cent of the company’s Australian staff receiving redundancies.
The spokesman declined to state how many people that would be in Australia, but added that an estimate of 300 domestic layoffs was much too high, and that the bulk of the reductions would be felt internationally.
“It’s never easy making decisions that directly impact our people,” global CEO Tony Lombardo said in a statement.
“However, they’re absolutely necessary in order to generate more resilient returns for our security holders and sustainable careers for our ongoing workforce.”
The head-count reductions will not impact project deliveries, targets for work in progress, completitions or funds under management, Lendlease said.
The company is two years into Lombardo’s turnaround plan.
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