Procter & Gamble lays off 5,700
The maker of Tide, Crest, Charmin and Gillette plans to cut 5,700 jobs by June next year.

The layoffs affect 10% of the company's nonmanufacturing employees and are expected to save $10 billion in costs by 2016. Meanwhile, the company continues to hire in China and other emerging markets, where it wants to sell consumer products to the growing middle class.

"This should make us more agile and more fast moving as an organization," Procter & Gamble CEO Bob McDonald said when he announced the layoffs.

By CNNMoney staff @CNNMoney - Last updated June 11 2012: 4:32 PM ET
Join the Conversation
No more unemployment checks

Should seasonal workers be allowed to collect unemployment checks in their downtime?

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.