Australian developer Lendlease to cut about 740 jobs globally

By Lewis Jackson and Scott Murdoch

SYDNEY (Reuters) – Australian developer Lendlease will cut about 740 jobs globally, or roughly 10% of its workforce, according to an internal memo on Tuesday seen by Reuters.

The bulk of the cuts will be in the company’s international operations, according to the memo. Lendlease has roughly 7,800 employees across Australia, Europe, the U.S. and Asia, according to its website.

CEO Tony Lombardo said there was still more work to do to create sustainable profits at the developer.

“This means tightening our focus even further to just those projects and activities that stand to generate real value,” he said in the memo.

A company spokesperson confirmed the decision via email.