Novartis to cut thousands of jobs as part of restructuring: Report

Swiss drugmaker Novartis will cut thousands of jobs globally as part of a reorganisation announced last week that would unite its pharma and oncology operations. Swiss newspaper Tages-Anzeiger first reported the plans, citing unnamed sources, according to a report by Reuters. 

More than 100 jobs might be lost at Novartis' Swiss plants in Rotkreuz and Basel, according to the report.

A Novartis representative told Reuters that efficiencies would come through leaner structures, which would "inevitably lead to roles being impacted," but that it was too early to disclose particular numbers.

The Swiss manufacturer, which employs roughly 108,000 people globally, said this week that it was combining its pharmaceuticals and oncology divisions into an innovative medicines (IM) company to streamline its structure and save at least $1 billion by 2024.

The business expects the new structure to be completely operational by the end of 2022, the report added.