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Quest Diagnostics (DGX +0.8%) plans to strip out three layers of management and cut 400-600...

Quest Diagnostics (DGX +0.8%) plans to strip out three layers of management and cut 400-600 execs, including VPs, as part of an overhaul in which its consolidating a number of divisions into two groups. The cuts will contribute $65M to an already announced program to save $500M, although Quest will take charges of $15M-$20M to cover the costs of the restructure. (PR)
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