Bayer Cuts 12,000 Jobs, Expects Further Layoffs Within 18 Months

Bayer AG said it has eliminated about 12,000 full-time positions since launching a restructuring drive aimed at speeding decision-making and trimming managerial layers. The German pharmaceuticals and crop-science group employed roughly 90,000 people at the end of June, according to its latest quarterly filing. Chief Executive Officer Bill Anderson told analysts the company has no fixed target for additional layoffs but anticipates further workforce reductions over the next 18 months. The shake-up comes as Bayer grapples with prolonged U.S. litigation alleging its Roundup weedkiller causes cancer. Bayer disclosed that provisions for the Roundup cases now total $7.4 billion, including an extra €1.2 billion booked last week. While some investors have urged a breakup of the diversified group, management has said it is not pursuing a split for now as it concentrates on cutting costs and restoring profitability.