CVS Health Corp., a U.S.-based healthcare company, plans to cut nearly 800 jobs, following the layoff of about 2,900 employees earlier this year, according to BestWire.
The company, based in Rhode Island, stated that 796 positions will be affected, with only 12 of those located in the state. This total includes remote workers who report to supervisors based in Rhode Island.
The layoffs, set to occur between Jan. 25 and Feb. 7, will impact roles such as claims analysts, nurse case managers, IT staff, and benefit verification specialists.
Employees across 44 states will be affected, with the largest reductions expected in Florida and California.
These terminations relate to the broader layoffs announced in October 2024, which mostly targeted corporate roles. The decision to cut positions is also linked to CVS’ exit from acute home infusion therapies and the closure of infusion pharmacies under its Coram business, according to a company spokesperson.
The layoffs are part of CVS Health’s multiyear plan to reduce costs by $2 bn.
CVS also restructured its leadership during Q3 2024, with Karen Lynch stepping down as president and CEO. In August, Lynch took charge of the company’s health care benefits division after a 39.1% drop in Q2 operating income.
CVS Health Corporation operates CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider. It also owns several other healthcare-related brands. CVS is the world’s second-largest healthcare company, following UnitedHealth Group. In 2023, it ranked 64th on the Forbes Global 2000 list.
The company traces its origins to Lowell, Massachusetts, where it was founded by brothers Stanley and Sidney Goldstein, along with partner Ralph Hoagland. The name “CVS” stands for Consumer Value Stores.
