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Pepsi to layoff 8,700 worldwide

Pepsi announced today that it would slash some 8,700 jobs in its global workforce to boost savings and returns to investors.

The cuts are part of a new three-year productivity program expected to generate $1.5 billion in cost savings.

"This effort includes headcount reductions of about 8,700 employees across 30 countries, about three percent of the company's global workforce," the company said in a statement.

"The productivity programs will enhance the company's cost-competitiveness as well as provide a source of funding for future brand-building and innovation initiatives."

The company said that meanwhile it will add $500-600 million to advertising and marketing around the world, but especially focused on the North Americas market.

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