Exclusive: Sanofi planning to cut up to 1,680 jobs in Europe By Reuters

Exclusive: Sanofi planning to cut up to 1,680 jobs in Europe

Stock Markets Jun 26, 2020 06:45AM ET

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Exclusive: Sanofi planning to cut up to 1,680 jobs in Europe

By Matthias Blamont

PARIS (Reuters) - Sanofi (PA:SASY) said on Friday it is planning to slash up to 1,680 jobs in Europe, confirming what two sources familiar with the matter had previously told Reuters.

One source said the cuts would be carried out over three years. The sources declined to be identified because the plan had not been announced officially.

Reuters reported on Thursday that Sanofi was considering cutting hundreds of jobs and would discuss potential steps with staff representatives on Friday and June 29.

A source said Sanofi would be focusing on efficiency gains through increased digitalisation and IT outsourcing.

The plans are part of a broader strategy outlined in December by the group's chief executive Paul Hudson (NYSE:HUD), who joined Sanofi in September last year.

In December, Sanofi said it was targeting 2 billion euros ($2.24 billion) in cost savings by 2022.

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trau truu Jun 26, 2020 7:52AM ET

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