20 Nov 2008

Australian investment bank to cut 850 jobs

11:27 am on 20 November 2008

Babcock & Brown plans to cut about 850 jobs as it seeks to repay debt.

The troubled Australian investment bank currently has around 1,450 employees worldwide and plans to reduce staff numbers by about 60% to 600 people by 2010.

The ABC reports debt laden company will also reduce operating costs by more than half.

Chairwoman Elizabeth Nosworthy says the move is the best way to reduce debt.