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Bloomberg
Novartis AG will cut as many as 8,000 jobs under a plan to save at least $1 billion by 2024 and boost the pharmaceutical giant’s performance.
The Swiss company detailed the cuts, equal to more than 7% of its global workforce after outlining the restructuring in April. Among other things, Novartis plans to generate savings by combining its pharmaceuticals and oncology units.
The layoffs will fall heavily on Novartis’s operations in Switzerland, where as many as 1,400 positions could be affected, according to a statement after the company initiated consultations with employees at the headquarters in Basel.
“The new structure will be both leaner and simpler and as such the company intends to eliminate roles across the organisation, subject to the local information and consultation
requirements,†Novartis said.