PepsiCo, the US soft drinks and food company, on Tuesday announced a $1.2bn cost cutting drive with the loss of 3,300 jobs, amid growing uncertainties over the outlook for global consumer demand.

The job cuts represent just 1.7 per cent of the group’s global workforce, but reflect a symbolically significant retrenchment by one of America’s best-run companies in response to the gathering macroeconomic gloom.