Johnson & Johnson to cut 8,000 jobs

US consumer goods and pharmaceutical company Johnson & Johnson said Tuesday it would cut around 8,000 jobs in a bid to trim costs in the wake of the recession. The lay-offs amount to some 6 per cent to 7 per cent of the company's employees.
They are designed to save some $1.7 billion by 2011, the New Brunswick, New Jersey-based company said. One-time costs of up to $1.3 billion will fall in the current quarter.