Pfizer to cut jobs as part of $1bn savings plan

Further job cuts are expected at Pfizer as the company aims to make $1 billion of savings.

The Wall Street Journal (WSJ) says the pharma giant is currently sourcing its operations with job losses expected from administrative departments and possibly managerial positions.

Ian Read, CEO, told employees in a recent memo that Pfizer needs to change the way it operates to “meet its financial commitments and continue to invest where opportunities are robust”.

Pfizer has cut spending by more than $4bn since 2000 and is currently in the process of reducing costs by an additional $6bn.

According to sources close to the WSJ, bosses have been analysing operations for a number of months, and cuts are planned for later this year.

If, as expected, administrative posts are lost, the cuts would remove almost 5% of the company’s sales and administrative expenses, which cost $19.6 billion last year.