Beverly Hills 2/2/2010 2:27:14 AM
GlaxoSmithKline Prepares to Announce 4,000 Job Cuts
Financial World News Update by Equities Magazine
GlaxoSmithKline (GSK on the NYSE), the U.K.-based, Philadelphia operated pharmaceutical goliath will cut 4,000 additional jobs according to the Sunday Times of London. The lay offs are expected to be announced Thursday as a segment of GlaxoSmithKine’s earnings release. Cuts will be made both in the United States and in Europe as the company looks to outsource some of its 99,000-person work force to developing countries with greater potential for growth. Over the past several years the Pharamaseutical company has made thousands of job cuts in preparation for the insurance overhaul and the end of many of its patents. In addition to cuts, the company has deviated from in-house research and development as means of cost cutting. About EQUITIES: Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community. Sign up for a free one-year subscription
