Coca-Cola Reportedly Plans To Cut Up To 2,000 Jobs Globally

(RTTNews) - Beverages giant Coca-Cola Co. (KO) plans to cut up to 2,000 jobs across the globe over the coming weeks, as part of a $3 billion cost-cutting effort, the wall street Journal reported, citing people familiar with matter.

The report also said that reductions will be significant at the company's headquarters in Atlanta and global regional offices, but bottling and distribution divisions will be largely unaffected for now.

The company said in October that it expanded its cost cutting measure to $3 billion in annualized savings by 2019, including plans to refranchise the majority of its North American bottling territories by the end of 2017.

In mid-December, Coca-Cola noted that it expected full year 2014 comparable currency neutral earnings per share growth of 4% to 5%, and a currency headwind of 7%. In October, the company said it expected to be below its long-term earnings per share growth target for 2014.

The company also said it expected fourth quarter comparable currency neutral EPS growth to be even to slightly positive. The impact of currency in the fourth quarter was expected to be a 6 to 7 point headwind on operating income and a 9 point headwind on earnings per share.

KO closed Wednesday's trading at $42.94, down $0.03 or 0.07%.