World Bank to cut net 250 jobs

World Bank President Jim Yong Kim announced a net 250 job cuts Thursday -- the first major job reductions under his reorganization plans at the bulked-up development bank.
Kim said in an internal memo obtained by AFP that the bank would eliminate about 500 positions in its Institutional, Governance and Administrative units -- including operations like finance and technology and oversight.
In addition, around 70 currently unstaffed positions will be eliminated.
The bank has about 9,000 staff members worldwide, most of them in the Washington headquarters.
But the cuts will be offset in part by adding 250-300 jobs in the Bank's operations center in Chennai, India.
Kim said in the memo to staff that the cuts were necessary to "better align our staffing to our strategy."
Kim, named president of the bank two years ago, has sought to transform the way it works with a greater focus on eliminating poverty and better bringing its expertise to governments in need with major structural realignments.
But Kim earlier this month was forced to fend off a staff revolt over the high pay bonus granted to the bank's chief financial officer, who has helped implement steep spending cuts. The CFO eventually gave up the bonus.