Global builder Lendlease to slash 10 per cent of workforce amid five-year turnaround plan

A major global builder with a base in Australia will slash hundreds of jobs, equating to roughly to 10 per cent of its international workforce.

Property giant Lendlease is slashing 10 per cent of its global workforce, with up to 740 jobs on the chopping block.

The shock announcement comes amid a five-year turnaround plan for the builder to deliver “more sustainable” performance following a bruising few years for the construction industry across Australia.

Builder Lendlease announced to staff it was slashing 10 per cent of its global workforce, equating to roughly 740 jobs. Picture: NCA NewsWire / Andrew Henshaw

In an internal memo to staff, Lendlease chief Tony Lombardo said the Australian arm will be reduced by about 5 per cent as part of the recent cuts.

The bulk of the reductions, equating to 15 per cent of the global workforce, will be felt by overseas workers.

It is understood up to 740 jobs will be cut.

A Lendlease spokesman declined to comment on the total number of jobs being cut when contacted by NCA NewsWire.

Lendlease chief Tony Lombardo said the decision was “never easy” but necessary to generate more resilient returns. Picture: Supplied

In a statement, Mr 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.”

It is understood the headcount reduction will not impact the company’s project delivery or targets for work in progress, completions and funds under management.

Lendlease earlier this year took a bruising on the Australian sharemarket, falling 6 per cent after its first-half result missed market expectations.