CVS announced it is laying off nearly 3,000 employees.

“We’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” the company said in a statement.

Around 2,900 jobs will be cut, a trend that’s emerged in industry’s like tech and health after spending ballooned in 2020.

The job losses account for about 1% of the company’s workers, a CVS spokesperson told CBS News.

The layoffs will “primarily” affect corporate employees.

“The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” CVS said.

Employees who lose their jobs will receive severance and other benefits, including assistance finding a new job.

“The vast majority of impacted colleagues will be notified this week,” the CVS spokesperson said.

The cuts comes more than a year after CVS laid off around 5,000 corporate workers. The company closed dozens of pharmacies located inside Target stores earlier this year, with customers’ prescriptions transferred to other locations.

The company is also reportedly reviewing its overall business and may decide to split its retail and insurance divisions into separate companies.

CVS, which is based in Rhode Island, has about 300,000 total employees, 9,000 retail locations and more than 1,000 walk-in clinics, as well as health insurer Aetna, which is headquartered in Hartford, Conn. It’s one of the largest private employers in New England.

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