Reports say Novartis to restructure 4,000 jobs

A German newspaper and Reuters are reporting that Novartis plans to cut up to 4,000 jobs, although the company reportedly expects to create an equal number of new jobs.

The German newspaper Neue Burcher Beitung said Novartis had secured an office complex in Hyderabad, India, that could accommodate up to 8,000 jobs, and said the talk of job cuts or moves was in "internal company emails".

"Company spokesman Eric Althoff did not confirm the job numbers but issued a statement saying that Novartis intends to prioritize and reallocate resources primarily in pharmaceutical operations to focus on planned product launches and other growth areas."

Reuters.