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Johnson & Johnson said on November 3 it would cut up to 8,000 workers, or 7% of its total employees. J&J expects to generate annual pre-tax savings of $1.4bn to $1.7bn by 2011. The US healthcare conglomerate will take a pre-tax charge of $1.1bn to $1.3bn in the fourth quarter.

The company said the cuts will be achieved "mainly by reducing layers of management, increasing individual spans of control, and simplifying business structures and processes".

• J&J announcement