Novartis (NYSE:NVS) layoffs are in the news Wednesday after the healthcare company announced plans to cut jobs in the U.S. and Switzerland.
Starting with its U.S. jobs, the company intends to reduce its headcount by 240 workers. Employees in its product development division will be the ones hit by these cuts.
The same is true for the Novartis layoffs in Switzerland, which will affect 440 workers. Both the U.S. and Swiss layoffs are set to take place over the next two to three years.
A spokesperson for Novartis said the following about the layoffs to Reuters:
“We remain committed to development in Switzerland as our innovation hub for complex development, and providing strategic leadership as the global headquarters for development. The US remains a key development hub with strong representation in our global program teams, responsible for advancing our medicines pipeline.”
Are More Novartis Layoffs Coming?
Novartis clarified that these latest layoffs aren’t part of its planned restructuring. This will result in even more job cuts, with as many as 8,000 of the company’s 78,000 workers worldwide losing their jobs.
Novartis is far from the only company that has been announcing layoffs recently. Several job cuts have been announced as inflation continues to weigh on the economy. There’s also high interest rates in the U.S. to deal with.
NVS stock is down 1.5% as of Wednesday morning, with some 1 million shares traded. Its daily average trading volume is about 1.4 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
