Conwert wants to cut around a fifth of its staff

November 25, 2015 11:01 AM

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VIENNA Nov 25 Austrian property group Conwert wants to cut around a fifth of its 450-head strong workforce as part of its effort to cut costs and boost its operating results, with most jobs to go by the middle of next year, its chief executive said.

Wolfgang Beck told reporters on Wednesday that Conwert will pursue a dividend policy of paying out 60 percent of its FFO I (funds from operations), which it said it expects to swell to 48 million euros ($50.9 million) this year and 65 million euros next year.

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