CVS Health to lay off nearly 3,000 workers in cost-cutting drive: Here’s what to know [Video]

LONDON — CVS is planning to cut about 2,900 jobs in an effort to slash costs, the company said Tuesday.

“We’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” a spokesperson said in a statement.

The layoffs represent less than 1% of CVS Health’s (CVS) workforce.

“Impacted positions are primarily corporate roles. The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” the spokesperson added.

The job cuts at the company, which runs a network of pharmacies across the United States among other businesses, add to the 5,000 or so layoffs disclosed last year. In 2021, CVS Health announced that it would close around 900 stores between 2022 and 2024.

“Our industry faces continued disruption, regulatory pressures and evolving consumer needs and expectations,” the spokesperson said Tuesday.

US drug store chains are …