Westfield Lays Off 400 Employees

Westfield Group will let go of 10 percent of its workforce or about 400 employees. According to anonymous sources, one of the first to be affected would be its finance team from its Sydney office.

The decision is because of the company suffering from heavy losses. Sources said job cuts would be across-the-board, and would affect different areas of the business. These would likely include back-office positions in finance and asset management.

Although Westfield Group just announced that its first-half result improved, the mall operator still decided to pursue the job cuts. According to industry sources, the improved results are because of solid performances in the US and Australia.

Just last week, Westfield Group also reached $751.2 million operations funds from January to June 2012. It exceeded its average of $734 million.

Westfield Group is the second-largest listed retail in the world.