Procter & Gamble to Cut 7,000 Jobs Amid Tariff Uncertainty
Procter & Gamble (P&G) has announced plans to cut approximately 7,000 non-manufacturing jobs over the next two years, representing about 15% of its non-manufacturing workforce and 6% of its total global headcount. This decision is part of a broader restructuring strategy aimed at streamlining operations and enhancing efficiency amid rising costs and economic uncertainties.
The restructuring plan, unveiled at the Deutsche Bank Global Consumer Conference in Paris, includes not only workforce reductions but also potential exits from certain product categories and markets. P&G has indicated that more details regarding these changes will be provided during its fiscal-year-end call in July.
Several factors have influenced this move. The company is grappling with increased costs due to tariffs, particularly on raw materials and packaging sourced from China. Additionally, there is a noted decline in consumer sentiment, with the University of Michigan's consumer sentiment index falling nearly 30% since January, reaching its second-lowest level in nearly 75 years.
Financially, P&G expects to incur charges between $1 billion and $1.6 billion before tax over the two-year restructuring period, with a quarter of these charges anticipated to be non-cash. The company also estimates a $600 million pre-tax impact in fiscal year 2026 due to current tariff rates.
Despite these challenges, P&G maintains a strong market position, with a current valuation of approximately $389 billion. The company's stock has remained relatively stable, reflecting investor confidence in its long-term strategy.
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