St. Jude to slash 200 jobs

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St. Jude Medical has begun a restructuring plan that will eliminate about 200 U.S. jobs.

A St. Jude spokeswoman Sara Spafford said that the cuts are needed because spending in the U.S. division "was above the level prescribed by our operating plan during the second quarter.” The company reported a 15 percent decline in its second quarter earnings.

However, Spafford said the decision does not change the growth plans at its headquarters in Minnesota. "This reduction constitutes less than 1.5 percent of St. Jude Medical's total global work force," she said in a statement. In 2008, the company had approximately 14,000 employees globally.