Company: Johnson & Johnson
Scoop: As part of its plan to save $1.7 billion in annual expenses by 2011 (with $800 million to $900 million in savings by the end of 2010), Johnson & Johnson announced its intention to cuts up to 7 percent of its global workforce, or 8,000 jobs. That comes in addition to 900 jobs that were lost earlier this year when the Pharma giant closed one of its four business units.
The first round of layoffs was the result of the company's decision to close its "comprehensive-care" business, which marketed diabetes, vision and heart-related products. The subsequent global workforce cuts will eliminate layers of management. J&J added that it would be increasing individual spans of control and simplifying business structures and processes across the company's global operations.
CEO Bill Weldon said the cuts would ensure that J&J is "appropriately structured for sustainable, long-term growth in the health care industry."