Switzerland-based pharmaceutical multinational Novartis said on Tuesday that it is going to lay off 8,000 employees, which is 7.4 percent of the company’s total global workforce, as part of the company’s announced restructuring plan, which includes working in the company’s Switzerland office. 1,400 employees working have also been included.
Regarding this layoff, the company’s chief executive Vas Narasimha said that the “single digit thousands” is part of our restructuring plan which was announced by the company in April. Through this we aim to save one billion dollars by 2024.
It has made good progress in implementing its new organizational structure which will include integrating its pharmaceuticals and oncology business units and this will lead to the elimination of multiple positions in the organization.
The company said that due to its restructuring plan, 1,400 employees could be laid off in Switzerland and 8,000 across the world. The company currently has 11,600 employees in Switzerland and 1,08,000 worldwide.