Novartis (NVS) to Undertake Job Cuts in Development Department [Yahoo! Finance]
MorphoSys AG - American Depositary Shares (MOR)
Company Research
Source: Yahoo! Finance
Of the reported figure, around 440 jobs will be cut in Switzerland and up to 240 in the United States over the next two to three years. This headcount reduction is separate from the restructuring program (announced earlier), wherein Novartis will slash up to 8,000 of its total global workforce of 78,000. The article stated that the company currently employs around 12,500 in development, which includes handling drug regulations, analytics and support functions like quality assurance. These employees are also involved in designing the production process for drugs following the completion of research work. At present, 3000 of the roles are currently in Switzerland and 2,000 in the United States. The latest workforce reduction is likely to impact 14% of the positions in these countries. Novartis also stated that it will add roles over the next two to three years. Consequently, there will be a net reduction of 1-2% at the global level. Reportedly, the initiative is aimed at resh
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