Procter & Gamble To Cut 7,000 Jobs Due To Economic Uncertainty

Consumer goods company Procter & Gamble (PG) has announced that it is cutting 7,000 non-manufacturing jobs over the next two years as it grapples with economic uncertainty.The maker of Gillette razor blades and Tide laundry detergent said the job cuts amount to 15% of its non-manufacturing workforce.Executives with Procter & Gamble said they also plan to exit certain brands and markets as part of a new restructuring program.Additional details on the restructuring plan will be unveiled on the company’s fiscal year-end earnings call in July.Procter & Gamble exited the food business more than a decade ago to focus on core brands such as Pampers diapers and Old Spice deodorant. The latest job cuts, and restructuring plan, come amid a prolonged slump for Procter & Gamble coming out of the Covid-19 pandemic. The Cincinnati, Ohio-based company cut its full-year earnings guidance in April of this year, citing a tough macroeconomic and geopolitical environment. Management have said that the company will likely raise some of its prices this summer in response to current market challenges.Procter & Gamble’s net profit has risen only 12% over the past three years, and its share price has gained less than 20% over the same time period.The company’s stock is flat so far in 2025 (down 0.02%) and trading at $165.95 U.S. per share.