Cargill to Cut 8,000 Jobs in Global Workforce Restructuring

The agricultural giant cites declining commodity prices and reduced profits as key drivers behind its decision to reduce 5% of its staff.

Cargill, the world's largest agricultural commodities trader, plans to lay off approximately 5% of its workforce, impacting around 8,000 employees globally.
The company attributes the job cuts to a strategic restructuring aimed at addressing declining revenues and profits, with fiscal year 2024 revenue dropping to $160 billion from $177 billion in 2023.
Layoffs will primarily affect managerial roles and focus on streamlining operations by reducing duplication and expanding managerial responsibilities.
Canadian operations, including unionized front-line positions, are not expected to be significantly impacted, according to union representatives and analysts.
Cargill's leadership plans to provide further details on its restructuring strategy during a company meeting on December 9, 2024.