Nestlé to Cut 16,000 Jobs Worldwide Over Two Years

Swiss food conglomerate Nestlé, home to household brands such as Nespresso coffee and Perrier water, is set to undergo a major global restructuring that will result in the elimination of 16,000 jobs over the next two years.

The announcement was made Thursday by the company's newly appointed chief executive, marking one of the largest staff reductions in the company's recent history as it seeks to streamline operations worldwide. The specific divisions and geographic areas most affected by the job cuts have not yet been fully disclosed.