PepsiCo to lay off ‘hundreds’ in snack and beverage divisions: WSJ

PepsiCo Inc.
PEP,
-1.38%
is laying off “hundreds” of workers at the headquarters of its North American snacks and beverages divisions, The Wall Street Journal reported Monday, citing people familiar with the matter. Hundreds of jobs will be eliminated, one of the people told the newspaper. In a memo to staff viewed by the Journal, PepsiCo told employees that the goal was to simplify the organization so it can operate “more efficiently.” Shares of Pepsi were flat in the extended session Monday after ending the regular trading day down 1.4%. Several major tech companies, including Amazon.com Inc.
AMZN,
-3.31%
and Google parent Alphabet Inc.
GOOGL,
-0.96%
GOOG,
-0.95%
are conducting or planning layoffs or have embarked on hiring freezes, and some retailers such as Walmart.com
WMT,
-1.02%
have followed suit.