P&G to cut 7,000 jobs, exit brands
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Procter & Gamble will cut 7,000 jobs over the next two years as the Tide detergent maker contends with an uncertain spending environment, fuelled in part by US tariffs that have roiled numerous consumer companies.
The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan.
"This is not a new approach, rather an intentional acceleration of the current strategy ... to win in the increasingly challenging environment in which we compete," executives said at a Deutsche Bank Consumer Conference in Paris on Thursday.
The job cuts amount to about 6% of its workforce, which P&G characterised as part of its ongoing strategy.
Notably, CFO Andre Schulten and operations head Shailesh Jejurikar said at the conference that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty."
President Donald Trump's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the United States.
P&G on Thursday estimated about a $600 million before-tax hit in its fiscal year 2026, based on current tariff rates. The rates have frequently changed over the past few months.
Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, a Reuters' analysis showed.
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