More Novartis layoffs

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Novartis is continuing its cost-cutting streak. Reuters reports that the drugmaker is planning on cutting and relocating up to 4,000 jobs, according to an internal email held by newspaper NZZ am Sonntag.

Sunday's news follows a spate of other layoffs at the drugmaker, including the recent closure of an Ontario, Canada, plant, and the company's decision to shake off some California jobs and move others to Massachusetts.

Reuters says this latest round will inflict pink slips on around 6% of employees in the Swiss drug maker's pharmaceutical division and that “a significant number” of jobs will be moved to Hyderabad, India, as part of a consolidation strategy.

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