Nestlé cuts 16,000 jobs as part of an intensifying cost

Nestlé is cutting 16,000 jobs globally as the Swiss food giant cuts costs as part of its efforts to revive its financial performance.

Nestlé, which makes Nescafé drinks, Purina pet food and other products, said Thursday that the job cuts will take place over the next two years. The Swiss company also said that it is raising targeted cost cuts to 3 billion Swiss francs ($3.76 billion) by the end of next year, up from a planned 2.5 billion Swiss francs ($3.13 billion).