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Drug giant to axe jobs to cut costs

Feb 5 2009

Job losses at pharmaceutical giant GlaxoSmithKline have been confirmed as the group announced plans to ramp up cost savings by £1 billion.

The firm did not reveal how many jobs would be cut from its 100,000-strong global workforce or the impact on UK staff.

But it said it was looking to increase annual cost reductions from £700 million to £1.7 billion by 2011.

The news comes just a week after fellow drugs group AstraZeneca said it was axing another 6,000 jobs by 2013 on top of the 9,000 already announced since 2007.

Glaxo has a number of UK sites, including its global headquarters in Brentford, Middlesex, and manufacturing operations in locations including Kent, Cumbria and Ayrshire.

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