Archer Daniels Midland (ADM, Financial), a major U.S. commodity trading company, has announced plans to cut up to 700 jobs globally. This move is part of a cost-reduction strategy aimed at saving between $500 million and $750 million over the next three to five years.
The company, currently dealing with an accounting scandal, reported a 48% drop in profits last year, amounting to $1.8 billion. This marks the second consecutive year of declining profits for the agricultural giant.
