08:24 AM EDT, 07/12/2024 (MT Newswires) -- (Updates with details throughout.)

Unilever ( UL ) intends to cut one-third of all of its office jobs in Europe by the end of next year, the Financial Times reported Friday, citing a company-wide call, the details of which were shared with it.

As many as 3,200 roles in Europe would be cut by the end of 2025, as the company faces pressure to boost growth from shareholders, including activist investor Nelson Peltz, according to the report.

The layoffs are part of a productivity program Unilever ( UL ) revealed in March that it said is intended to reduce costs of 800 million euros ($871.1 million) over the next three years and reduce its workforce by approximately 7,500 mainly office-based positions worldwide.

Where in Europe the job cuts will take place has not yet been decided, the FT reported.

Unilever ( UL ) did not immediately respond 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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