PepsiCo to cut hundreds of jobs at HQ

December 5, 2022 4:56 PM EST

By Yasin Ebrahim -- PepsiCo Inc (NASDAQ: PEP) reportedly is set to lay off hundreds of workers at North American snacks and beverages divisions, the Wall Street Journal reported Monday, citing unnamed sources.

PepsiCo was up about 0.5% following the news.

The job cuts are part of a move “to simplify the organization so we can operate more efficiently,” Pepsi told employees in a memo that was viewed by the Journal.

The firm's beverage business will bear the brunt of the cuts as the snacks business has already trimmed positions via a voluntary retirement program, the people said, according to the report.

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