Procter & Gamble announced plans to reduce its workforce by up to 7,000 jobs, accounting for about 6% of its global team, primarily affecting non-manufacturing roles. This restructuring aims to address current economic pressures, including rising tariff costs and consumer anxiety over inflation. The cuts come as U.S. consumer sentiment continues to decline, highlighting broader anxieties about spending. CFO Andre Schulten emphasized that while the job cuts are necessary for long-term stability, they do not alleviate immediate challenges. The company also plans to discontinue certain products in select markets, with more information expected in July.
Procter & Gamble's decision to lay off up to 7,000 jobs, or about 6% of its workforce, reflects its struggles with rising tariff-related costs and changing consumer sentiments.
CFO Andre Schulten mentioned that these job cuts, representing about 15% of the non-manufacturing workforce, are essential for delivering long-term strategies despite current challenges.
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