The World Bank is planning to slash 500 jobs over the next three years as part of its broad restructuring plan.
World Bank President Jim Yong Kim said that the bank would cut jobs in its Institutional, Governance and Administrative units including operations like finance and technology and oversight.
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The layoffs represent an 11% reduction in the 4,500-employee workforce of the bank’s internal-facing divisions, including finance, human resources, research and security.
Additionally, the bank intends to cull around 70 unstaffed positions. The job cuts together with budget cuts and internal reorganization have resulted in regular staff protests and fears.
Furthermore, the bank is seeking to recruit 250-300 staff at the Bank’s operations center in Chennai, India.
However, few of the 500 staff will be able to apply for jobs in other World Bank divisions.
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By GlobalDataKim added that the net result will be a loss of about 250 positions.
Kim said: "But we feel confident that the changes we are making will help us better align our staffing to our strategy, which is what our clients want and what we must deliver."
The restructure also involves $400m in budget cuts to make the institution more competitive and to boost lending to middle-income countries.
