This is the new normal. There’s no money to be made in investment or hiring or anything like that, so companies are spending money on buybacks, dividends, and of course M&A (which is really just an excuse to fire workers).
The latest is drugmaker Sanofi-Aventis, which is in the middle of an $18.5 billion hostile bid for Genzyme, though they’re not even waiting for that deail to resolve itself. According to CNBC the company is cutting over 1500 workers, or at least 25% of its US pharma workforce.
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