11:06 AM EDT, 04/09/2024 (MT Newswires) -- Novartis ( NVS ) plans to cut as many as 680 jobs in its product development organization, including about 440 jobs in Switzerland and up to 240 in the US over the next two to three years, Reuters reported Tuesday, citing a company spokesperson.

"We remain committed to development in Switzerland as our innovation hub for complex development, and providing strategic leadership as the global headquarters for development," the spokesperson was quoted as saying. The US continues to be "a key development hub" for the company, the spokesperson reportedly added.

The planned job cuts are separate from a restructuring program that could result in a reduction of up to 8,000 of the Swiss pharmaceuticals company's global workforce, according to the report.

Novartis ( NVS ) didn't immediately respond to MT Newswires' request for comment.

(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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