Johnson and Johnson executives discussed the company's plan to cut 6 to 7 percent of its workforce and Jacob Goldstein at the Wall Street Journal's Health Blog blogged it live. The cuts, once all in place, are estimated to save the company $1.4 to $1.7 billion a year. Dominic Caruso, the J&J CFO, says that the "position eliminations" will be across all business and later adds that "the large majority of the [projected] savings are due to the workforce reductions." He also says that Johnson and Johnson will continue to cut "the overall level of R&D expense, particularly in the pharma business."
Nov 04, 2009