Merck to cut a further 8,500 jobs
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Merck announced yesterday that it is to cut a further 8,500 jobs. This move is an attempt to cut $2.5bn from its costs by 2015.
In 2011 and 2012, 7,500 job cuts were announced, these latest cuts will mean the company has reduced its workforce by 20%.
"While these actions are essential to ensure that Merck can continue to fulfill its mission into the future, they are nevertheless difficult decisions because they affect our dedicated and talented colleagues. We appreciate the contributions of all our employees, and we will support them during this time of transformation."
Kenneth Frazier, chief executive at Merck
Following the announcement, Merck's shares rose 2.35% to $48.73 in New York trading.
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