Around 30 people in Jones Lang LaSalle’s English offices will lose their jobs in the agent’s recently announced redundancies.
The real estate services and investment management firm is cutting its global workforce by 4% because of economic weakness in its key markets.
JLL made over 600 people redundant in November 2001 from its worldwide staff of 7,500. Those cuts affected 95 people in the UK.
A source said the English business now employed 700 people, and the 4% reduction would be roughly applied.
“We will be concentrating on the costs of running our business, and there will be no impact on our ability to service clients. In England it’s almost entirely from infrastructure.” No jobs will be lost in Scotland.
Those affected will be notified by the end of the month.
The global cuts will cost JLL $11.5m in severance charges.
Together with a charge of $1m for a discontinued US land investment, that will lead to a total pretax charge of around $12.5m for Q4 2002.
In October, JLL estimated 2002 earnings per share of between $1.00 and $1.20. Its estimate has now dropped to 75-85 cents, taking the charges into account.
