Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Roche to cut 4,800 jobs

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Swiss health care company Roche said Wednesday it would cut 4,800 jobs over the next two years as part of its "Operation Excellence Program."

Roche said it hoped to save about $2.4 billion through 2012, primarily by cutting or adjusting 6% of its work force of 82,000 people.

In addition to the 4,800 job cuts, the company plans to transfer 800 jobs internally and transfer 700 jobs to "third parties," affecting some 6,300 jobs overall.

Most of the job cuts and transfers would occur in the pharmaceuticals division, primarily in sales, marketing and manufacturing.

In the United States., the company will cut 3,550 jobs. The cuts and other restructuring actions will affect facilities in California, Colorado, New Jersey, South Carolina and Wisconsin. Outside the United States, the reorganization will be focused in Switzerland, Germany and Austria.

The company said it was "adapting cost structures to an increasingly challenging market environment."

Based in Basel, Roche is a drug developer focusing on cancer, virology, inflammation, metabolism and the central nervous system. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.35%3.63%
15 yr fixed2.62%2.65%
5/1 ARM2.90%2.95%
30 yr refi3.38%3.49%
15 yr refi2.64%2.68%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,360.03 216.58 1.19%
Nasdaq 5,323.79 54.64 1.04%
S&P 500 2,174.29 23.16 1.08%
Treasuries 1.61 0.05 3.28%
Data as of 3:18pm ET
Company Price Change % Change
Procter & Gamble Co 89.84 1.61 1.82%
Bank of America Corp... 15.72 0.55 3.66%
Chesapeake Energy Co... 6.28 0.16 2.61%
Cognizant Technology... 48.09 -6.91 -12.56%
Wells Fargo & Co 44.55 0.18 0.41%
Data as of 3:04pm ET
Sponsors

Sections

Dennis Singleton of the North Carolina National Guard still hasn't gotten his car back, or any money, years after Wells Fargo illegally repossessed his car. "Honestly, I just think it sucks," he said. More

China is no longer offering Venezuela new loans, according to experts. It spells bad news for Venezuela, which relied heavily on Chinese finance. More

Scientists believe that by using robots to study fecal matter, they can predict the spread of communicable diseases and influence health policy. More

U.S. Labor Secretary Tom Perez writes about why the Labor Department introduced a new rule requiring federal contractors to provide paid sick leave to workers. More