CVS Health said on Tuesday it would lay off about 2,900 employees, representing less than 1% of its workforce, as the healthcare conglomerate aims to cut costs.

CVS Health announced that the company will undergo layoffs of 2,900 employees to cut costs. According to a Reuters exclusive, CVS had been exploring options to reduce company costs via headcount initially,

CVS Health is slashing its headcount by 2,900, or 1% of its total workforce. The layoffs will largely focus on corporate positions, a spokesperson said.