Severance payments are expected to result in an $11.5-million charge against fourth quarter earnings, the company discloses. That is about $38,000 per person. In the late 2001 cutbacks, severance payments averaged around $60,000 each.
"As I stated in our third quarter earnings announcement, we are committed to positioning the firm for earnings growth in 2003," says Jones Lang LaSalle president and chief executive officer Chris Peacock. "This reduction in workforce is a prudent measure in response to continued economic weakness in key global markets. We have made these decisions carefully with a balance to keep the firm financially strong, maintain our leadership market positions, and deliver the levels of client service for which we are known.
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