PepsiCo to cut about 1,000 jobs as North American business struggles

PepsiCo plans to cut about 1,000 jobs across North America as it works to revive sluggish sales in its home market. The company says the reductions, expected over the coming week, will streamline operations and help teams work more closely together.

PepsiCo had about 306,000 employees worldwide, including roughly 125,000 in the US, as of 27 December. In the third quarter, North American beverage volumes fell 2%, while food volumes were flat; the company has also lowered its full-year earnings outlook. Its attempts to lift sales through price cuts and marketing have taken longer than expected, and its shares are down nearly 1% this year, compared with an almost 11% gain for the S&P 500.