Procter & Gamble (P&G), the multinational behind household brands like Tide and Pampers, has announced plans to cut up to 7,000 jobs—approximately 6% of its global workforce—over the next two years. The move is part of a broader restructuring initiative aimed at tackling rising tariff-related costs and growing consumer caution amid economic headwinds.
The announcement came during the Deutsche Bank Consumer Conference held in Paris on Thursday. P&G’s Chief Financial Officer Andre Schulten said the cuts represent nearly 15% of the company’s non-manufacturing workforce. As of June 2024, the Cincinnati-based firm employed about 108,000 people worldwide.
“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten said, while acknowledging the immediate economic challenges facing the company.
In addition to job reductions, P&G plans to discontinue the sale of certain products in select markets, although specific details about those changes are expected to be disclosed in July.