Merck to slash jobs, cut expenses by $2.5 billion

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

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