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 fixed3.53%3.69%
15 yr fixed2.74%2.85%
5/1 ARM3.13%3.08%
30 yr refi3.58%3.72%
15 yr refi2.73%2.84%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 15,660.18 -254.56 -1.60%
Nasdaq 4,266.84 -16.75 -0.39%
S&P 500 1,829.08 -22.78 -1.23%
Treasuries 1.64 -0.06 -3.58%
Data as of 7:00pm ET
Company Price Change % Change
Bank of America Corp... 11.16 -0.82 -6.84%
Cisco Systems Inc 24.68 2.17 9.64%
General Electric Co 27.45 -0.85 -3.00%
Chesapeake Energy Co... 1.78 0.08 4.71%
Apple Inc 93.70 -0.57 -0.60%
Data as of 4:01pm ET
Sponsors

Sections

Boeing's stock fell by as much as 12% after Bloomberg reported the SEC is investigating the company's accounting practices. More

The S&P 500 has lost 11% in the first six weeks of the year and the Nasdaq is near bear market territory. But the U.S. economy is not in a crisis. More

Just three days after Zenefits CEO Parker Conrad resigns, the California Department of Insurance announces that is investigating the startup's business practices. More

Bloom Technologies impresses Richard Branson to win the Extreme Tech Challenge startup contest. More

GOP presidential candidate Marco Rubio wants some radical changes to the tax code. But the numbers don't add up, according to a new analysis. More