January 30, 2009

More than 100,000 jobs lost in one week

According to CNNMoney: “The bulk of the job loss news occurred on Monday, when several major U.S. companies announced sweeping job cuts, pushing the day’s total to more than 70,000.”

Top 3 Jobs cutters of this week:

Pfizer (PFE, Fortune 500): -20,000 jobs
Caterpillar (CAT, Fortune 500): -22,110 jobs
Boeing (BA, Fortune 500): -10,000 jobs

  • The U.S. economy lost 2.6 million jobs in 2008. This includes 21,137 mass layoffs (a 7-year high)
  • The Council Board forecast 2 million job losses for 2009.

January 26, 2009

Pfizer to lay off tens of thousands

Filed under: Healthcare,pharmaceuticals,US — 7macaw @ 12:11 pm
Tags: , ,

Pfizer announced Monday that it has signed a deal to acquire the smaller drugmaker Wyeth for $68 billion, and tens of thousands of job cuts will follow.

Pfizer spokesman Ray Kerins said that two waves of job cuts would occur in 2009. In the first, Pfizer said it would cut 10% of its 81,900 staff – about 8,000 jobs.

Kerins said that Pfizer will launch the second round of job cuts once its merger with Wyeth and its 50,000 workers is completed in the third or fourth quarter. At that time, Kerins said Pfizer will cut 15% of the combined company’s 120,000 or so workers – about 18,000 more job cuts.

Source: CNN Money

January 14, 2009

Pfizer to layoff up to 800 researchers

Filed under: pharmaceuticals,US — 7macaw @ 10:49 am
Tags: , ,

U.S.-based pharmaceutical company Pfizer Inc. (NYSE: PFE) is going to lay off as many as 800 researchers this year.

The world’s largest pharmaceutical company by sales Tuesday told scientists and technicians at its labs around the world that it is eliminating their jobs, according to a person familiar with the matter. By year end, the New York drug maker expects to have laid off 5% to 8% of its 10,000 research employees, according to Martin Mackay, who heads Pfizer’s research and development.

Source: The Wall Street Journal

Blog at