CSL to Cut 4,800 Jobs, Spin Off Vaccine Unit

The major restructure is expected to deliver $550 million in savings over 3 years.

CSL signage at the main entrance of it's offices and manufacturing plant in Parkville in Melbourne, Australia on Nov. 6, 2020. Asanka Ratnayake/Getty Images

Australian biotech giant CSL has announced a sweeping restructure that will see around 4,800 jobs cut, equal to 15 percent of its workforce, as part of efforts to streamline operations.

The company will also shut 22 underperforming plasma centres in the 2026 financial year.