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00:02British American Tobacco is cutting about one-fifth of its 47,000-person global workforce
00:09as part of a restructuring plan to reduce costs and simplify operations, according to Bloomberg.
00:14The company will cut 5,500 jobs and outsource another 3,500 by the end of the year,
00:20according to an internal notice seen by Bloomberg.
00:23The figures do not include BAT's U.S. business, Reynolds American.
00:27BAT has pledged to deliver £600 million, or $793 million, in annual cost savings by the end of 2028.
00:36Shares fell as much as 1.9% in London on Monday.
00:40BAT is facing declining cigarette demand in many markets while investing in smoke-free nicotine products
00:46such as Views Vapes and Velo nicotine pouches.
00:50CFO Javadick Ball said in February that AI and data analytics tools would affect staffing levels.
00:55For all things money, visit Benzinga.com.
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