The Swiss pharmaceutical company Novartis is preparing for massive layoffs.

According to the report of APA with reference to "Le Matin" website, all employees have already been informed about this.

The company will lay off 8,000 of its 108,000 employees.

Some units will be closed at all.

The most significant reductions will be made at the headquarters and plant in Basel.

1,400 of the 11,600 employees in Switzerland will lose their jobs.

The company wants to save 1 billion dollars in the next 2 years through restructuring.