British Pharmaceutical company is expected to announce thousands of job layoffs after it announces its quarterly results on thursday. The job cut is expected to be at least 6000. However, a precise official announcement is yet to be made.

GSK update on February 5th: GlaxoSmithKline has indeed confirmed the news on 5th February 2009 saying that as many as 10,000 jobs would be cut. This is more than the expected 6000 job cuts earlier. For more about the latest announcement see the third source below at the end of the post.

Glaxo Job LayoffsGlaxo Smith Kline Job Layoffs
Glaxo is the worlds second largest drug company in the world after Pfizer and employes around 100,000 jobs worldwide with 18000 jobs in the UK. Thus 6000 layoffs would amount to cutting its global workforce by 6%.

Reasons for Glaxo Job Cuts
The company is facing competition from cheaper generic drug manufacturers. Also the impact of global slowdown will be clearer when it announces its quarterly results on thursday. A rival firm, Astrazeneca has announced to layoff 15000 jobs by 2013.

source: Reuters, BBC , IHT

Feb 1, 2009

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