Pepsi (PEP) to Lay Off Thousands, May Cut Certain Benefits
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Pepsi (NYSE: PEP) may be starting to lose its fizz.
According to the NY Post Thursday, Pepsi may be aiming to cut 4,000 positions across the company, while ending some of its 401(k) match, in order to boost earnings. The layoff number is larger than the 1,000 estimated by the Post last week.
Sources have said Pepsi currently has the richest 401(k) match and pension plan in the industry. Whether Pepsi will simply stop the match altogether or just lessen the match is unclear.
Notably, 4,000 workers accounts for just 1 percent or so of Pepsi's overall workforce.
In the past, many have pushed the idea Pepsi should split its Frito-Lay snack business from its beverage business, but CEO Indra Nooyi indicated the two are too closely intertwined both domestically and internationally.
Shares of Pepsi just opened Thursday's session down 0.2 percent at $66.62.
According to the NY Post Thursday, Pepsi may be aiming to cut 4,000 positions across the company, while ending some of its 401(k) match, in order to boost earnings. The layoff number is larger than the 1,000 estimated by the Post last week.
Sources have said Pepsi currently has the richest 401(k) match and pension plan in the industry. Whether Pepsi will simply stop the match altogether or just lessen the match is unclear.
Notably, 4,000 workers accounts for just 1 percent or so of Pepsi's overall workforce.
In the past, many have pushed the idea Pepsi should split its Frito-Lay snack business from its beverage business, but CEO Indra Nooyi indicated the two are too closely intertwined both domestically and internationally.
Shares of Pepsi just opened Thursday's session down 0.2 percent at $66.62.
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