PepsiCo to Cut 8,700 Jobs, Boost Marketing Spending

PepsiCo Inc. plans to cut 8,700 jobs and boost marketing spending for its brands by as much as $600 million as Chief Executive Officer Indra Nooyi works to turn the company around. The job cuts, which represent about 3 percent of PepsiCo's global workforce, and other measures may save about $1.5 billion by 2014, the Purchase, New York-based company said today in a statement. (Bloomberg)