CVS Health plans layoffs, reportedly mulls possible breakup

CVS Well being mentioned Monday that it’ll lay off about 2,900 individuals amid strain from buyers to chop prices and enhance its monetary efficiency. And extra dramatic modifications may very well be coming quickly.

A spokesperson for the well being care big, which has lengthy been primarily based in Woonsocket, R.I., and operates well being insurer Aetna in Hartford, confirmed the cuts, which is able to primarily fall on company roles. Late Monday, information service Reuters reported that the corporate is contemplating a fair larger transfer — splitting its pharmacy chain and its insurance coverage enterprise — although no last selections have been made.

A spokesperson declined remark to Reuters on a possible breakup, however did affirm the layoffs to the Globe, saying they have been a part of a $2 billion cost-cutting plan designed to enhance the corporate’s monetary efficiency. The job cuts can be companywide, “not remoted to a single company workplace or state,” the spokesperson mentioned, and quantity to lower than 1 p.c of the corporate’s headcount.