REDUNDANCIES – AUSTRALIA

BuzzFeed set to discard a quarter of local staff

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Original article by Lilly Vitorovich
The Australian – Page: 3 : 30-Jan-19

Digital media company BuzzFeed has confirmed that 11 of its employees in Australia will be retrenched following a period of consultation. Simon Crerar, the general manager of BuzzFeed’s local arm, had initially indicated that 25 jobs would be cut. US-based BuzzFeed has about 40 employees in Australia and 1,300 worldwide. It recently announced plans to cut its global headcount by 200.

CORPORATES
BUZZFEED INCORPORATED, BUZZFEED PTY LTD, ALPHABET INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, COMCAST CORPORATION, NBC UNIVERSAL INCORPORATED, HEARST VENTURES, ANDREESSEN HOROWITZ

Nine swings axe on digital editorial jobs

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Original article by Lilly Vitorovich
The Australian – Page: 19 : 12-Dec-18

Nine Entertainment Company has advised that a restructuring of its Allure Media subsidiary will result in the loss of about 12 editorial positions. Nine will merger website publisher Allure Media and Pedestrian.TV, a digital publishing business. The job cuts include four journalists at Business Insider and seven at Popsugar, an entertainment, fashion and fitness news website. The affected staff are among 92 who were retrenched following Nine’s merger with Fairfax Media. Insiders say more job cuts are likely.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ALLURE MEDIA PTY LTD, PEDESTRIAN.TV, FAIRFAX MEDIA LIMITED

Nine swings axe as Fairfax newsrooms reviewed

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Original article by Lilly Vitorovich
The Australian – Page: 17 & 20 : 4-Dec-18

Nine Entertainment Company will comprise four divisions following its merger with Fairfax Media. Nine CEO Hugh Marks has advised staff that about 92 jobs will be lost as a result of the merger, although newsroom jobs will not be affected. Nine’s existing management team will largely helm the new divisions, while key Fairfax executives will exit following the merger. They include CEO Greg Hywood and CFO David Housego. The merger is expected to generate annual cost savings of around $50m.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, STUFF LIMITED, STAN ENTERTAINMENT PTY LTD, 9NOW, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MACQUARIE MEDIA LIMITED – ASX MRN, FEDERAL COURT OF AUSTRALIA, DELOITTE TOUCHE TOHMATSU LIMITED

Myer’s executive clearance carries a $2.5m price tag

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Original article by Eli Greenblat
The Australian – Page: 21 : 26-Oct-18

Myer CEO John King has told shareholders in its latest annual report that he will spend at least two days a week in its stores. King joined the department store chain in June, since which time he has cut at least 30 staff from its management ranks. Myer’s annual report reveals that its recent culling of senior executives, which included former CEO Richard Umbers and CFO Grant Davenport, has cost it over $2.65 million in termination and other payments.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV

Myer to shed head office jobs but keep stores

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Original article by Sue Mitchell
The Australian Financial Review – Page: 25 : 20-Jul-18

Department store group Myer has reduced staff numbers at its head office in Melbourne’s Docklands precinct by about 30 per cent in recent years, and CEO John King is expected to seek further job cuts. However, sources have rejected suggestions that up to 50 per cent of head office staff could be retrenched. King also intends to reduce the number of Myer stores, although he is expected to wait until existing leases expire. Meanwhile, David Jones has posted 2.2 per cent growth in sales for the first half of 2018, and growth of 2.7 per cent in same-store sales. Full-year sales were 0.9 per cent lower than previously.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED, HOUSE OF FRASER HOLDINGS PLC, SEARS HOLDINGS, KMART CORPORATION, LATITUDE FINANCIAL SERVICES LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, VICTORIA RACING CLUB LIMITED

Bankwest branch closures hit 200 workers as customers shift online

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Original article by Alice Uribe, David Marin-Guzman
The Australian Financial Review – Page: 19 : 19-Jul-18

Bankwest MD Rowan Munchenberg says consumers’ growing preference for mobile banking has prompted the Commonwealth Bank subsidiary to close 29 bank branches in New South Wales, Victoria and Queensland. The move will result in the loss of 200 jobs, and the Finance Sector Union’s national secretary Julia Angrisano says Bankwest should have engaged in more consultation with staff. She has identified digital disruption as the biggest issue facing the financial services industry.

CORPORATES
BANKWEST, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FINANCE SECTOR UNION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Fears of big job losses from inquiry fallout

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Original article by Michael Roddan
The Australian – Page: 20 : 15-May-18

Automation has already put around 50,000 financial services jobs at risk, and job losses in the sector may increase in the wake of the banking royal commission. Sally Auld of JPMorgan says the loss of jobs as a result of the inquiry could be greater than those shed during the last financial crisis. Tommy Wu of IBISWorld notes that the banking sector’s revenue has fallen by over $A10 billion in the last five years, and it could fall even further as a result of the royal commission.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, JP MORGAN AUSTRALIA LIMITED, IBISWORLD PTY LTD, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, UBS HOLDINGS PTY LTD, RICE WARNER ACTUARIES PTY LTD, MOODY’S INVESTORS SERVICE INCORPORATED, MACQUARIE GROUP LIMITED – ASX MQG

ABS to slash 150 staff by middle of next year

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Original article by Doug Dingwall
The Canberra Times – Page: 9 : 19-Jan-18

The Australian Bureau of Statistics will respond to budget cuts by further reducing its workforce over the next several years. The ABS employs about 2,800 people in total, and it intends to shed 150 jobs by mid-2019. The ABS previously cut 100 jobs in 2017 and 120 in 2016. However, the ABS has advised a Senate committee that the latest job cuts will be focused on office-based employees, and its 400-strong team of field workers who undertake interviews with householders will not be affected.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, COMMUNITY AND PUBLIC SECTOR UNION, AUSTRALIAN LABOR PARTY

Big banks to slash 20,000 jobs

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Original article by James Frost
The Australian Financial Review – Page: 1 & 4 : 3-Jan-18

Australia’s big four banks reduced their full-time employee numbers by just under 1,500 in 2017. However, banking analysts suggest that Westpac, the National Australia Bank, the ANZ Bank, and the Commonwealth Bank will be a lot more active in 2018 in terms of job shedding, with an overall reduction of 20,000 full-time employees seen as likely. Victor German from Macquarie says he had thought the big four might have been a bit more active in 2017 in terms of job cuts, while he urged them not to rely on natural attrition to get employee numbers down.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG, CLSA AUSTRALIA PTY LTD, KPMG AUSTRALIA PTY LTD, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, COMMINSURE

Seven production head Brad Lyons takes redundancy

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Original article by Dana McCauley
The Australian – Page: Online : 1-Dec-17

Seven’s director of production Brad Lyons will leave the television station at the end of 2017, after he opted to take a voluntary redundancy. Lyons joined Seven in 1997, with "Dancing with the Stars", "My Kitchen Rules", and "The Amazing Race Australia" just some of the programs he has been involved with. CEO Tim Worner noted that Lyons was held in high regard by both Australian and overseas production firms, and that he had made an "outstanding contribution" to Seven.

CORPORATES
SEVEN NETWORK LIMITED