Novartis announces huge staff cut in Europe

Novartis has announced today the strategic decision that many employees were waiting for and dreading. The Basel-based group has disclosed it plans to cut at least 1,700 jobs in Switzerland and to close down its Grimsby (UK) site, where 395 employees work. The drastic decision reflects the job cut plan announced in February by the new CEO Vas Narasimhan, who at the same time said he intended to have Novartis focus on personalized medicine, reducing its commitment in more traditional standard drugs. Specifically, the plan includes at least 1,000 job cuts in Switzerland’s production sites before 2022 and 700 further dismissals in other sectors over the same period. This would mean a considerable reduction in Novartis’ Swiss workforce, which currently comprises 12,800 people.

(Sources: Manager Magazin, Basler Zeitung)