According to a company memo obtained by Zhītōng Finance APP, CVS Health (CVS.US) is set to lay off approximately 5,000 employees in an effort to reduce costs and focus on its healthcare services.
In a statement, CVS Health stated that the affected jobs are primarily corporate positions. The impacted employees will receive severance packages, benefits, and assistance in finding new employment elsewhere.
The memo also noted that CVS Health is reducing travel expenses and seeking to decrease its reliance on consultants and external suppliers.
As per its latest annual report, as of the end of last December, CVS Health had a workforce of 300,000 employees.
CVS Health is expected to announce its second-quarter performance on Wednesday.

According to a company memo, Seaview Health will lay off approximately 5,000 employees to reduce costs and focus on its medical services.

Seaview Health will lay off approximately 5,000 employees to reduce costs.