Novartis announces a further 2,500 job cuts
Swiss drugmaker Novartis has announced plans for a further 2,500 job cuts as part of a "strategic initiative to improve competitiveness in a dynamically changing health care environment." The cutbacks, first mooted by chief executive Daniel Vasella earlier this week (see page 2), will be implemented during 2008 and 2009 and are designed to produce annual cost savings of around $1.6 billion by 2010. Observers quoted in the UK's Financial Times said that the staff shedding move is in response to various setbacks the firm has suffered in recent months (Marketletters passim) and is in addition to the proposed 1,260 job cuts previously announced (Marketletter October 2).
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