Oracle (ORCL.N) laid off hundreds of employees on Thursday, rescinded job offers, and reduced open positions within its health unit, according to the Insider, citing three people familiar with the situation.
Oracle laids many employees
The layoffs come on the heels of thousands of layoffs in corporate America as companies grapple with high inflation and rising interest rates.
Oracle’s health unit includes Cerner, an electronic medical records company that it purchased for $28.3 billion in December of last year, its largest ever transaction.
The layoffs were largely the result of Cerner’s difficult work with the United States Department of Veterans Affairs, which hired Cerner to replace its homemade medical records with Cerner’s technology, according to the report.
According to the report, the laid-off employees will receive severance pay equal to four weeks, plus one additional week for every year of service, as well as a payout of vacation days.
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