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JLL Cuts Staff As Part Of ‘Global Transformation’

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JLL Chicago Headquarters

Commercial brokerage giant JLL began a round of layoffs on Tuesday. Bissnow I learned.

multiple sources told Bissnow Employees in New York City and Chicago were told they would be out of work all day Tuesday.a JLL A spokesperson confirmed the unspecified number of layoffs in an emailed statement. Bissnow Tuesday evening.

“JLL continues the steps already underway to align its business structure with global transformation and strengthen its focus on cost management,” the spokesperson wrote. “These actions may include difficult but necessary decisions to make certain roles within our operations redundant. We are confident that we will continue to support our employees and deliver long-term value to our customers and shareholders.”

JLL has already spent $9.3 million on retirement In the third quarter, the company disclosed in its earnings report, an eight-fold increase over the previous year. At the time, a company spokesperson denied that it meant the company was cutting staff.

The company expects earnings to fall short of previous estimates this year, but said it posted a net profit of $140.2 million in the third quarter, down 41% from last year.

JLL Chief Financial Officer (CFO) said: Karen Brennan Said Financial results briefing on November 2nd“So we’re certainly strict in terms of cutting back on discretionary spending and really focusing on costs. We also make sure that we have a balance between

JLL is the latest company to make layoffs as the global economy slows.

its biggest rival, CBREsaid in an investor presentation last month that it planned to: $400 million in cost savings, of which $300 million will be permanent job cuts, primarily in the form of job cuts. The majority of these headcount reductions were expected to occur by the end of the first quarter of 2023.

There are no other listed brokerage firms such as Newmark, Colliers Cushman & Wakefield specifically mentioned the layoffs in their earnings report, All said they experienced a slowdown Consider or have already made cost savings as a result of your sales and financing activities.

In other segments of the industry, home brokers compass needle When redfin dismissed hundreds of staff This year, like real estate tech companies Jiro, open door and Better.com.

This month is already defined by mass layoffs Technology company Meta Platforms announced it. let go of 11,000 workersTwitter has cut 3,700, or half its workforce.and Amazon The cut reportedly 10,000 employees.

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