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Boston Scientific Cutting up to 1,300 Jobs

Boston Scientific, the Natick, MA-based medical devices giant, says today that it plans to cut 1,000 to 1,300 employees or 8 percent to 10 percent of its total work force, as part of a company-wide restructuring initiative. The company (NYSE:BSX) expects pre-tax charges of $180 million to $200 million from the layoffs and restructuring plans, and it aims to reduce its annual budget by $200 million to $250 million during the next two years. There will be further updates on the restructuring plans in the firm’s fourth-quarter earnings report tomorrow, according to the company.