11.15.12
Cost-cutting consumers have forced Procter & Gamble into cutting more costs. P&G says on top of its already announced plan to cut 10%of its non-manufacturing jobs, or 5,700 jobs, by the end of its fiscal year in June 2013, it plans to continue to reduce its non-manufacturing jobs by 2-4% between 2014 and 2016. It will continue to hire in other areas, however.
P&G also said it now expects to buy back $4 billion to $6 billion of its shares. Previously it forecast $4 billion.
In May, P&G announced a plan to focus on its 40 top businesses, 20 biggest new products and 10 most profitable emerging markets, as it is undergoes a cost-cutting plan aimed at saving $10 billion by fiscal 2016.