Royal BAM Group nv is looking to generate cost savings of £90m annually across the global business.
It said the “majority of savings will come from headcount reductions.”
The cuts will be implemented in the next six months.
Ruud Joosten, CEO said: “Given the impact of the Covid-19 pandemic and the disappointing results over the first half year, we are taking decisive action to structurally improve our profitability.
“Although this is a painful decision for employees concerned, it is a necessary step in order to improve BAM’s financial performance.
“At the same time, we are defining our new strategic agenda in order to create more value for our shareholders and solid prospects for all our stakeholders, including our employees.”