Novartis to Cut up to 8,000 Jobs World-Wide

Swiss pharmaceutical giant Novartis said it plans to shed as many as 8,000 jobs globally, including 1,400 in Switzerland, as part of a previously disclosed restructuring plan aimed at saving some $1 billion in costs.

The cuts would affect 7.4% of Novartis’s jobs globally and 12% of its Switzerland-based workers, the company said in a statement. Novartis employs some 108,000 people globally and 11,600 in Switzerland. The company said in a statement that the new structure would “accelerate growth, strengthen pipeline and increase productivity.”