CVS Health Inc. to Eliminate 600 Jobs

CVS Health Inc. is eliminating 600 corporate jobs as the company battles headwinds in the health care environment.

CVS is eliminating the jobs at corporate offices in Rhode Island, Illinois and Arizona over the next two months. The company didn't disclose from which divisions the cuts will come. The company employs more than 240,000 people in the U.S., with many of those store level positions at 9,600 pharmacies.

"We have determined that changing market dynamics and the increasingly competitive environment require us to operate as a more lean and efficient organization," the company said in a statement.

CVS, which reports third-quarter results next week, said that affected employees will be given a chance to apply for other positions at the company. People not placed in new positions will receive severance packages.

Write to Paul Ziobro at Paul.Ziobro@wsj.com

(END) Dow Jones Newswires

November 03, 2016 15:05 ET (19:05 GMT)

CVS Health (NYSE:CVS)
Historical Stock Chart
From Aug 2024 to Sep 2024