Imperial Brands to cut thousands of jobs in U.S. and Europe

Britain's Imperial Brands is preparing to eliminate thousands of jobs in key markets, including the United States and Europe, as part of a cost-reduction strategy, according to a Bloomberg News report citing individuals familiar with the matter. The company's shares fell 5.3% following the report.

The initial phase of layoffs will affect staff in human resources, finance, and procurement and supply chain departments within the company's U.S.-based unit, ITG Brands. A subsequent phase will target legal, marketing, and insights and intelligence teams. Employees are expected to be notified in April, with the cuts commencing mid-year.

A spokesperson for Imperial Brands confirmed that the company is making changes that will have a global impact but did not specify the number of jobs affected. Some roles within ITG Brands are slated to be outsourced to Capgemini SE by the end of the year. The company has also engaged in discussions with relevant bodies in the European Union regarding planned redundancies, which are subject to consultation.