Archer-Daniels-Midland (ADM) is cutting jobs this week in its grain trading and oilseed processing division, Reuters reported Wednesday, citing sources familiar with the matter.
The company had announced in February plans to eliminate up to 700 positions and cut costs by $500 million to $750 million over the next several years, but it is unclear if the current layoffs are part of that plan, Reuters said.
The latest reductions reportedly began at ADM's European headquarters in Switzerland and are expected to affect its agricultural services and oilseeds operations, which oversee global crop trading, transportation, and processing.
Experienced traders are concerned about further layoffs, while another said the nutrition division does not appear to be impacted in this round of cuts, Reuters quoted one source as saying.
Archer-Daniels-Midland did not immediately respond to MT Newswires' request for comment.
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