Reports suggest that GlaxoSmithKline (GSK) will announce major job cuts later this week as part of a renewed cost reduction drive. According to the Sunday Times GSK will unveil the 4,000 jobs losses at its results presentation later this week, along with details of its plan to grow in emerging pharmaceutical markets.
While GSK has not yet commented on the reports, the cutbacks would be in keeping with the restructuring programme the firm began in 2007 and would fit with the general industry trend that last week saw UK rival AstraZeneca announce plans to shed 8,000 jobs by 2014. Most observers suggest that, like AstraZeneca, GSK will focus the job cuts on it R&D division, in a bid to improve efficiency.
