More than 2,000 jobs to go at Novartis

26 September 2018

Swiss pharma giant Novartis (NOVN: VX) closed up nearly 2% on Tuesday amid news that the company is to make sweeping job cuts affecting operations in its home country and in the UK.

There will be a net loss – after 450 new positions have been created – of 1,100 jobs in Novartis’ manufacturing operations in Switzerland, along with 700 roles going in business services in Basel, where the company is headquartered.

A further 400 jobs will be lost as Novartis ceases its manufacturing in Grimsby, UK, as the company and its new chief executive Vas Narasimhan go about implementing a strategy that was announced in 2016, to make $1 billion in savings by 2020.

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