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Yeah. Novartis announced long back when recession was just about to hit. In general I have seen Novartis is very good in predicting macroeconomics earlier than other companies, including tech companies. Of note most of these lay offs are in US, Switzerland and other high paying countries. But condition of Novartis is sort of weak at the moment, with no good looking pipeline. So more lay off may happen if world economies + China (with increasing covid cases) + UK political + Russia war do not get their shit straight.
Novartis has already announced 8000 layoff long back and process is almost at verge of completion as part of massive restructuring.
We have in ZS massive CO (another term for lay off). Massive I am not sure as the CO is very discrete
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+1
They (Eli Lilly) told them that they are recession proof.. But taking advantage of the situation and offering very less CTC hike..
https://www.livemint.com/companies/news/novartis-cuts-8-000-jobs-some-to-be-transferred-to-india-11656492734348.html
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