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?

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.