Lend Lease to axe 1700 jobs worldwide

The group said it was planning to cut 400 jobs in Australia.Lend Lease chief executive officer Steve McCann told the Australian newspaper the staff reduction would relate mainly to project-related workers. “Once the projects are completed, they won’t be re-employed,” he said. McCann told the paper some senior managers at Lend Lease would also depart following the restructure. Lend Lease’s loss in the December 2009 half compares with a profit of $250 million recorded for the December 2007 half.In a statement to the Australian Securities Exchange, Lend Lease said the loss reflected the write-downs and charges previously announced to the market due to deteriorating economic and market conditions.“There is no doubt that 2009 is challenging as the effects of the global financial crisis continue to be felt,” McCann said. “Our strategy is to preserve our strong cash position, resize overheads in light of market conditions and to consolidate our pipeline of projects to ensure we will be in a leading position when financial markets recover.”The diversified group also said managing director Greg Clarke would resign from his role, effective immediately, with McCann taking up the position as an additional role.

Send this to a friend