Novo Nordisk announces new job cut plan affecting 1,300 employees

Denmark-based group Novo Nordisk has announced its third-quarter financial results, which were below expectations again. The group’s profits were DK9.04bn, that is 7.5% less than Q3 2017, while sales were 2% below last year’s figures. The Danish group’s management has reacted to the weak results by cutting 1,300 jobs globally before the end of the year. More than half of the cuts will affect the commercial department, and 400 will affect the research department.

The company already in September announced a drastic cut of 400 jobs in Denmark and China, plus 250 in the US.

The management plans to reinvest savings from the cuts in artificial intelligence and cloud technologies.

(Source: WSJ)