CVS Health to lay off nearly 3,000 employees in cost-cutting efforts

CVS Health (NYSE:CVS) has announced it will lay off about 2,900 employees, which represents less than 1% of its workforce.

This decision is part of a broader cost-cutting strategy that aims to save $2 billion by streamlining operations, utilizing AI and automation, and restructuring certain parts of the business.

The layoffs are focused on corporate roles rather than frontline positions in stores, pharmacies, and distribution centers.

This move follows CVS's larger restructuring efforts that began last year, when the company cut around 5,000 non-customer-facing jobs.

Additionally, there are ongoing discussions about the possibility of breaking up the company by separating its retail and insurance units, as CVS seeks to improve its financial standing amid increasing pressure from investors.