CVS +3.16% Add to/Remove from WatchlistInvesting.com -- CVS (NYSE: ) is planning to cut 5,000 jobs, according to a report in the Wall Street Journal, citing a memo sent to staff. Meanwhile, certain business initiatives will be halted and technology will be used in to boost productivity, the paper said. In a note to clients, analysts at Credit Suisse predicted that the cuts may potentially lead to between $500 million to $750 million in savings for CVS. They added that the additional measures "could yield some level of savings over and above the headcount reduction." Shares in CVS, which will report its latest quarterly results later this week, were slightly higher in early U.S. trading Tuesday.

Source: Wall Street Journal August 01, 2023 14:26 UTC