The world’s largest pharmaceutical company, Pfizer, has again rebuffed speculation about proposed job cuts.
Earlier this year, the company denied that it was considering slashing as many as 10,000 jobs in a bid to drive earnings up by as much as $0.18 per share in 2005 [[09/02/05c]], and Industry reports are now mooting that the firm is planning to axe as much as a third of its 1,700-person German salesforce. However, a spokeswoman for the company’s German unit told Reuters that the figure was incorrect, explaining that around 88 jobs could go as part of a restructuring initiative.
In April, Pfizer revealed that there would be a number of job cuts as part of plans to save $4 billion dollars by 2008 [[06/04/05a]]. The company delivered little in the way of detail, but said that the staff reductions would come mostly from attrition rather than redundancies, a reorganisation of its salesforce around the US to bring it into alignment with Medicaid and Medicare customers, and facility closures, said the company.
