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alstry (36.49)

See....Not Just Autos

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November 05, 2008 – Comments (2)

From the WSJ this evening:

GlaxoSmithKline PLC plans to cut its U.S. sales force by about 12% in a restructuring the British drug maker says will better serve doctors.

Glaxo said it will eliminate nearly 1,800 U.S. sales positions, some of which are vacant, and shift some sales representatives to its vaccine unit from its pharmaceutical unit, for a net reduction of about 1,000 employees. That will leave it with a U.S. sales force of about 7,500 by the end of the year.

GET READY FOR FRIDAY.....THE JOBS DATA COULD BE VERY UGLY

It now seems just about every industry is reducing its workforce just as more spouses and elderly are being forced to return the the workplace........

2 Comments – Post Your Own

#1) On November 05, 2008 at 9:16 PM, alstry (36.49) wrote:

Just in case you thught it was only Glaxo.......

The job cuts follow similar ones this year by other drug makers, including Merck & Co., Wyeth and Schering-Plough Corp. Big drug makers are under pressure from generic rivals and government scrutiny of drug safety and marketing practices.

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#2) On November 05, 2008 at 11:38 PM, alstry (36.49) wrote:

Here is a bit of financal services just in time for Thanksgiving....

Nov. 6 (Bloomberg) -- Citigroup Inc. and Goldman Sachs Group Inc., faced with a weakening economy and the prospect of mounting losses, began firing workers as part of the firms' plans to cut more than 12,000 jobs, people with knowledge of the matter said.

Goldman, which converted last month from the biggest U.S. securities firm into a commercial bank, yesterday began telling about 3,200 employees, or 10 percent of its workforce, they were out of a job, according to one of the people who declined to be identified because the decisions were confidential.

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