World Bank Group president Jim Yong Kim revealed in an internal memo on Friday that he plans to cut 500 global jobs and cancel about 70 open vacancies over the next three years. However, he also said the bank plans to create nearly 300 new job positions in India, mostly in Chennai.
The move follows the review of the bank's business strategies over the past few months. Kim said some important strategic decisions have been taken regarding the staff working for Institutional, Governance and Administrative units (IG&As).
"After several months of analysis that examined our business direction and priorities in the respective IG&As, we decided on a net reduction of around 250 positions for these units," Kim wrote in the memo.
The IG&A units are expected to slash the job positions through attrition, redeployment, and redundancies starting from July 2015 through June 2017. The job cuts would be spread across Finance and Technology, Internal Justice and Oversight, among other areas.
The World Bank chief said a he has put in place a transition support unit to ensure a smooth and considerate job transition.
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