Nestlé NESN -0.76%decrease; red down pointing triangle stated it would cut 16,000 jobs and take a fresh see at exiting some of its 2,000-plus brands, part of a sweeping restructuring under new Chief Executive Philipp Navratil aimed at reviving the consumer-products giant’s fortunes.
Nestlé’s shares jumped 8% after the announcement, putting them on course for their hugegest single-day percentage increase since 2008.
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