Newmont lays off nearly a dozen managers, plans to merger businesses, Bloomberg News reports

(Reuters) - Gold miner Newmont let go of nearly a dozen managers, including a member of its executive team, as part of a corporate overhaul, Bloomberg News reported on Monday, citing people familiar with the matter.

The report said that the company had initiated plans to dismiss one executive and at least 10 senior managers, as per the people who asked not to be named.

The company also told employees that it plans to merge several businesses, with five units being consolidated into three, and removing standalone divisions that control operations in Australia and Africa, instead combining them with units that control North America and East Asia, according to the report.



Newmont in February this year had said it would trim its workforce to cut debt following its $17.14 billion acquisition of Newcrest.

The company, which was not immediately available for a Reuters request for comment, missed Wall Street expectations for third-quarter profit on higher costs and lower production in Nevada.

Source: Investing.com