Procter & Gamble to cut 7,000 jobs, exit brands

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Procter & Gamble to cut 7,000 jobs, exit brands

STORY: Procter & Gamble announced on Thursday that it will cut 7,000 jobs over the next two years, fueled in part by U.S. tariffs that have roiled numerous consumer companies.

The job cuts at Procter & Gamble, the world’s largest consumer goods company, amount to about 6% of its workforce.

Executives characterized the layoffs as part of the company’s ongoing strategy.

Procter & Gamble also plans to exit some product categories and brands in certain markets as part of a broader two-year restructuring plan.

President Donald Trump’s sweeping tariffs on trading partners have shaken global markets and sparked concerns of a recession in the United States.

Procter & Gamble on Thursday estimated it would take a tariff hit of $600 million, before taxes, in its fiscal year 2026, based on current tariff rates.

Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, according to a Reuters analysis.

P&G has said it would raise prices on some products, adding it’s prepared to “pull every lever” in its arsenal to mitigate the impact of tariffs, primarily through higher prices and cost-cutting.

Shares of Proctor & Gamble fell about 2% on Thursday.

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