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CVS Health announced it will cut 2,900 jobs as part of a cost-cutting plan.
A CVS spokesperson told FOX Business that the layoffs primarily impact the company's standing.
According to the CVS website, CVS employs more than 300,000 people across its divisions. The layoffs represent 1% of the company's workforce.
A CVS spokesperson told FOX Business that the layoffs primarily affect the company's standing. (Scott Olson/Getty Images/Getty Images)
A spokesperson said the layoffs will not affect front-line jobs at CVS stores, pharmacies or distribution centers.
CVS lowers outlook, plans $2 billion in cost-cutting efforts
“As our industry faces continued disruption, regulatory pressures, and evolving consumer needs and expectations, it is critical that we remain competitive and operate at peak performance. Previously As we disclosed, we have embarked on a multi-year effort to provide $2 billion to reduce costs by reducing spending and investing in technology that improves the way we work.'' a representative told FOX Business.
CVS Pharmacy store sign in San Francisco, California, August 2, 2021. (Photographer: David Paul Morris/Bloomberg via Getty Images/Getty Images)
When CVS Health CEO Karen Lynch announced the initiative in August, she said the savings would come from “further streamlining and optimizing our operations and processes, continuing to streamline our business portfolio, and expanding our business portfolio across the enterprise.” This will be driven by the accelerated use of artificial intelligence and automation.” We integrate and integrate platforms. ”
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A CVS spokesperson told FOX Business that the company “prioritized finding cost savings where possible, including closing open job postings” before making the decision to cut jobs.
The layoffs will not affect front-line jobs at CVS stores, pharmacies or distribution centers. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
The company had total revenue of $91.2 billion in the second quarter. Adjusted earnings per share decreased 17% year over year to $1.83.
The History of CVS: From a Small Massachusetts Retailer to a Major Healthcare Solutions Company
CVS also said at the time that it had lowered its full-year earnings per share and cash flow outlook to “reflect continued pressures in the healthcare benefits segment.”
The company operates more than 9,000 pharmacy stores.
