Bristol-Myers Squibb to cut 3 percent of workforce - FirstWord

September 23, 2010
Bristol-Myers Squibb to cut 3 percent of workforce
by Lianne Dane

Bristol-Myers Squibb announced that it plans to reduce its workforce by about 3 percent, representing a loss of approximately 840 jobs, as part of a "streamlining initiative." Spokeswoman Sonia Choi explained that the workforce reductions were announced Thursday in an internal communication sent to all employees, but noted that executives were still reviewing the organisation to determine which jobs will be eliminated.

Choi added that the job cuts are expected to occur across the next six months, but declined to specify exactly how many of the company's approximately 28 000 employees would be laid off. The drugmaker did not disclose the financial impact of the job cuts, but spokeswoman Tracy Furey noted that "the ultimate goal of the effort is not only to reduce cost, but also to create an organisation that is more agile."

The drugmaker previously announced plans to cut more than $2.5 billion in expenses by 2012 and last year eliminated about 20 percent of its workforce, or 7000 jobs. Prior to rounds of layoffs in 2008 and 2007, the company had a global workforce of about 41 000 employees.

Reference Articles

Bristol-Myers to cut 3% of workforce to reduce costs - (Bloomberg)

Bristol-Myers says cutting 800 jobs worldwide - (Forexyard)

Bristol-Myers to cut 3% of work force (free preview) - (The Wall Street Journal)

Bristol-Myers to cut about 840 jobs worldwide - (The Washington Post)

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