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Johnson & Johnson to reduce workforce despite higher profits

Johnson & Johnson to reduce workforce despite higher profits

Johnson & Johnson has said that it will cut some jobs due to inflationary pressure and challenges created by the strong dollar. The company has good Q3 earnings. However, there will be various job functions that would be affected and layoffs will be due to a major restructuring. It has not given the exact number of layoffs.

Chief Financial Officer Joseph Wolk said in an interview, “J&J is likely to make modest cuts to its workforce both as a result of economic pressures and in connection with the planned separation of its consumer-health business next year.”

“We’re not immune to some of the economic pressures that are out there just like many companies are facing in many industries,” Mr. Joseph Wolk said in the interview.

“So we’re taking this opportunity to really look at the resources, how we deploy them”, Joseph Wolk added. 

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