BMS will cut 10% of workforce
This article was originally published in Scrip
Bristol-Myers Squibb has confirmed that it will cut 10% of its global workforce by 2010.But the company declined to comment on the exact numbers and which locations and divisions would be affected. The reductions are part of a $1.5 billion productivity transformation initiative announced last December and expanded in July to save $1 billion by 2012 and to improve its earnings base in 2012-13. The company announced a similar reduction in December 2007. BMS told Scrip that 800 positions would be eliminated by the end of this year. Other big pharma companies have announced job losses in the past few months in an attempt to control costs and counteract increasing generic competition for key products.