Novartis to cut up to 8,000 jobs globally to save $1 bn by 2024

As part of the organisational overhaul unveiled in April, Novartis said that the cost cuts would be mainly from removing overlapping structures

Novartis said on Tuesday a previously announced restructuring programme could lead to 8,000 jobs being cut, or about 7.4% of its global workforce, including up to 1,400 in Switzerland.

The job cuts, previously projected by Chief Executive Vas Narasimhan to be in the "single digit thousands", are part of a restructuring programme the Swiss pharmaceutical group announced in April, targeting savings of at least $1 billion by 2024.

Novartis said in an emailed statement it had made good progress in implementing its new organisational structure that involved integrating its pharmaceuticals and oncology business units and would lead to eliminating roles across the