03:39 PM EDT, 04/23/2024 (MT Newswires) -- L3Harris Technologies ( LHX ) will eliminate 5% of jobs this year to generate cost savings, Reuters reported Tuesday, citing Chief Executive Chris Kubasik's email to employees.

The cuts represent about 2,500 of the roughly 50,000 employees the U.S. defense contractor had at the end of last year, the report said, citing the company's annual filing.

Without confirming the number of jobs to be eliminated, a company spokesperson reportedly told Reuters that L3Harris ( LHX ) is "right-sizing" its workforce as part of a streamlining in operations to generate $1 billion in cost savings over the next three years.

L3Harris ( LHX ) did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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