CVS Health plans to reduce its office space by 30 percent as part of a cost-savings initiative, Eva Boratto, the company's CFO and executive vice president, said during a Feb. 16 earnings call.
The change is the result of the COVID-19 pandemic and workforce management changes in how the company is working, Ms. Boratto said.
The reduction in office space, in addition to an ongoing digitization of CVS' business, technology improvements and operational efficiency initiatives, will help CVS save between $900 million and $1.1 billion in 2021, Ms. Boratto said.