CVS Health to lay off nearly 2,900 employees in cost-cutting push

CVS Health to lay off nearly 2,900 employees in cost-cutting push/Reuters

Reuters | October 1, 2024 | 10:49 PM IST | World | Follow on Google News

CVS Health to lay off nearly 2,900 employees in cost-cutting push

CVS Health to lay off nearly 2,900 employees in cost-cutting push

Oct 1 (Reuters) – CVS Health (CVS.N), opens new tab said on Tuesday it would lay off about 2,900 employees, representing less than 1% of its workforce, as the healthcare conglomerate aims to cut costs.

The reductions, part of the company’s previously announced plan, would primarily impact corporate roles and not frontline jobs in stores, pharmacies and distribution centers, it said.

Reuters exclusively reported on Monday that CVS is exploring options that could include a break-up of the company to separate its retail and insurance units, as it looks to turn around its fortunes amid pressure from investors.

CVS had disclosed a multi-year plan in August to save $2 billion in costs through measures such as streamlining operations and using artificial intelligence and automation across its business.

Last year, the company said it had eliminated about 5,000 non customer-facing roles as a part of its restructuring plan.

CNN, STAT News and other media outlets had reported about the job cuts.

Reuters