Employment and Financial Problems
In August 2012 St. Jude Medical eliminated 300 positions form the company. Then in November 2012 they proceeded to eliminate 500 more jobs from the company. These two job cuts combined equal 5% of the company's global work force. And though this originally looked to be a bad thing or a sign of weakness people have speculated and company representatives have said that it is very helpful to company financials. The job cut of 300 will potentially save $50 million to $60 million in cost savings for 2013 Rachel Ellingson, vice president said. And the company is supposed to announce how much the second round of job cuts, that cut 500 jobs, will save in January. This prediction has given investors a very positive outlook, and they are saying that this is the company's way of becoming more efficient in a tough economy.
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