The impact of the market downturn has forced MLC to cut 120 jobs, following a review of its resourcing requirements across the company.
"[MLC] has decided to remove some roles from the business to ensure we are operating as efficiently as possible," a company spokesperson told InvestorDaily yesterday.
"Around 120 people are affected and we will aim to redeploy as many of these people as possible into other roles within the organisation. The role impacts are broadly spread across all areas of our business."
MLC is currently consulting with employees over the proposed changes with final role impacts to be determined in early February, the spokesperson said.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
The wash up from the decision by the Australian Industrial Relations Commission (AIRC) to include super in default funds has caused a level of angst among sections of the industry. ... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
LGSS awards global equity mandate to Vanguard »
The Local Government Superannuation Scheme (LGSS) has hired Vanguard to manage a $300 million global equity mandate.
Colonial First State switches managers »
Wealth management group Colonial First State (CFS) has made changes to the multi-manager portfolio on their FirstChoice platform as part of a regular of review of its mandates.
