CVS to lay off almost 3,000 employees in effort to reduce costs

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CVS recently announced that it was laying off about 2,900 employees as part of an effort to reduce costs by $2 billion. 

A CVS spokesperson told CBS via email that the job cut represents about one percent of the company’s workforce. 

“The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” the company said, according to the outlet. 

The Wall Street Journal reported that CVS is going to conduct a strategic review and potentially break up the healthcare company, citing anonymous sources. 

“CVS Health’s management team and Board of Directors are continually exploring ways to create shareholder value,” a spokesperson from CVS said in response to The Wall Street Journal’s story. 

“We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,” the statement continued.