Pepsi will cut thousands of jobs, spend money on marketing

PepsiCo is getting ready to cut 3 percent of its global workforce and spend the money on marketing instead.

Bloomberg reports the company will cut 8,700 jobs by 2014, saving itself about $1.5 billion. Efforts will then turn toward marketing and competing with Coca-Cola.

Lay’s, Mountain Dew, Gatorade and Tropicana will get the most attention, and $100 million will go toward display racks and deliveries.

 

The company’s net income was up to $1.42 billion in the fourth quarter.