Global property services firm JLL warned this week that it is looking to cut up to around 200 jobs in the UK due to the economic instability caused by the Covid-19 pandemic.
In a statement, JLL said that the global pandemic and economic instability have ‘accelerated the changing nature of the business. We continue to extensively review our operations and cost base in line with market conditions and client needs. As a result, we are reshaping our UK business and will be commencing a consultation process for proposed role redundancies. It is anticipated that these proposals could affect approximately 200 UK based roles'.
Where possible, JLL said that it will seek redeployment opportunities.
JLL saw consolidated revenue drop 13% to $3.7 bn in the second quarter of the year, with fee revenue plummeting 22% to $1.2 bn.
Adjusted EBITDA for Q2 collapsed by 54% to $103.3 mln over the globe. In Europe, Q2 adjusted EBITDA swung to a loss of $23.7 bn from a profit of $9.6 mln a year earlier.
