Merck to slash jobs, cut expenses by $2.5 billion

Departure

Pharmaceutical giant Merck announced plans on Tuesday to slash an additional 8,500 jobs on top of previously announced job cuts, adding that it planned to cut operating expenses by $2.5 billion by the end of 2015.

With prior job cuts, Merck's workforce will be reduced by about 20 percent.

The company said it expects to take between $2 billion and $3 billion in pre-tax charges to pay for the restructuring program, and should realize savings of $1 billion by the end of 2014.

image: © C.P.Storm

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts