Layoffs, health scares and family needs are forcing some into retirement before they're ready.
Cincinnati, Ohio – Procter & Gamble, the Cincinnati-based consumer goods behemoth behind brands like Tide and Pampers, announced on Thursday that it will eliminate 7,000 jobs globally over the next two years—roughly 6 percent of its workforce—as it seeks to recalibrate its operations in response to a rapidly shifting global economic landscape.
The job cuts, revealed at a Paris investor conference, are part of a broader restructuring plan that includes divesting select brands and streamlining corporate functions. Executives offered few specifics about which brands they would be cutting or which regions would bear the brunt of the workforce reductions, but noted that approximately 15 percent of the company’s non-manufacturing positions would be affected.
“We see more opportunities to make roles broader and teams smaller,” said Chief Financial Officer Andre Schulten, underscoring the company’s effort to remain agile amid what he described as an increasingly volatile global marketplace.
Procter & Gamble had approximately 108,000 employees worldwide as of June 2024. The announced layoffs are the latest ripple in a broader wave of corporate retrenchment, as major multinationals navigate the fallout from President Donald Trump’s revived trade war and a constellation of geopolitical flashpoints.
The company has been contending with softening consumer demand since April, when President Trump imposed new tariffs on key U.S. trading partners, sending shockwaves through global supply chains and consumer markets. In May, P&G lowered its sales and earnings projections for 2025, citing inflationary pressure, disrupted trade flows, and weakened consumer confidence.
Schulten emphasized that the restructuring was not a reaction to any single event but rather part of a longer-term “integrated growth strategy.” Still, he acknowledged that the global economic headwinds—including ongoing conflicts in the Middle East and Ukraine—were impossible to ignore.
Other major firms, including General Motors, Target, and Citigroup, have also issued lowered guidance or announced layoffs in recent weeks. Citigroup, for instance, confirmed on Thursday it will cut 3,500 tech jobs in Shanghai and Dalian as part of its strategic consolidation.
Despite recent turbulence, P&G’s stock nudged upward by 0.25 percent in premarket trading following the announcement, suggesting some investor optimism about the company’s attempt to get leaner.
