(Updates with Westfield comment)
SYDNEY Aug 20 Australian mall operator
Westfield Group will cut up to 10 percent of its
workforce, affecting up to 400 employees, the Australian
newspaper reported on Monday, citing unnamed industry sources.
Westfield, the world's second-largest listed retail trust by
market value, had already begun cutting staff at its
Sydney-based finance team, the report said.
The job cuts would affect all areas of the business, but
heavier losses were likely in back-office roles, such as the
finance department and finance and asset management divisions.
A Westfield spokeswoman declined to comment directly on the
reported job losses.
"Westfield continuously seeks ways to operate its business
more efficiently through systems, technology and organisational
structures," the company said in an emailed statement.
"Decisions about staff numbers and structures are consistent
with this approach and reflect the group's ongoing focus on cost
control. Just one example of this has been the Westfield Group's
decision to freeze senior executive salaries for three of the
past four years."
The potential job losses come just days after the mall
operator reported an improved first-half result, on the back of
solid performances in Australia and the United States, and also
maintained its full-year outlook.
Last week, Westfield posted A$751.2 million in FFO (funds
from operations) for the six months to June, beating market
forecasts of A$734 million and the A$733 million reported for
the same period a year ago.
(Reporting by Colin Packham; Editing by John Mair and Richard