Bayer Cuts 1,500 Jobs to Save Money
Frankfurt, Germany – Bayer, the German chemical and pharmaceutical group, has introduced the elimination of 1,500 full-time jobs within the first quarter of 2024, with two-thirds of these positions being managers. The objective is to avoid wasting 500 million euros in 2024 and a pair of,000 million yearly from 2026.
During a convention with analysts to current the monetary outcomes, Bayer’s CEO, Bill Anderson, defined that the corporate centered on consolidating capabilities, designing groups, and decreasing layers of administration within the final quarter.
As of the tip of March, Bayer had 98,189 staff, a 3.5% lower in comparison with the earlier yr’s whole of 101,735.
Bayer had beforehand introduced a strategic plan in March to avoid wasting 2 billion euros yearly beginning in 2026. This plan included “substantial” layoffs, particularly amongst managers, though the precise variety of departures has not been specified.
The firm aimed to scale back the roughly 17,000 managers it had by round 40%, shifting the worker-to-manager ratio from 8 or 9 to fifteen to twenty.
Despite dealing with authorized challenges within the United States, together with million-dollar sentences for the Roundup herbicide, Anderson burdened that addressing these points stays a prime precedence for Bayer.
In a constructive improvement, a Washington appeals courtroom not too long ago overturned a 185 million greenback sentence towards Bayer’s Monsanto unit for chemical contamination. Anderson described this as “an vital victory with potential implications for different circumstances.”
In addition to addressing authorized points, Bayer has additionally centered on constructing a robust product portfolio and decreasing debt, in line with Anderson.
After experiencing losses of two,941 million in 2023, Bayer reported earnings of two,000 million within the first quarter of 2024, representing an 8.2% lower in comparison with the identical interval the earlier yr.