Pfizer about 2 percent of the cutting jobs by early next year

NEW YORK (AP) – U.S. drugmaker Pfizer Inc (PFE. N) wants its worldwide workforce through voluntary retirements and layoffs this year and early next year to reduce about 2 percent, as it looks to streamline the corporate structure and eliminate some executive roles and Responsibilities.

the logo of the U.S. pharmaceutical company Pfizer Inc. is in a branch office in Zurich see 2nd October 2018. REUTERS/Arnd Wiegmann employs around 90,000 people


Pfizer spokeswoman Sally Beatty said the job cuts were “to create a simpler and more efficient structure and no cost savings.”

the loss of jobs was originally reported by CNBC.

the move follows the announcement earlier this month, would succeed Chief Operating Officer Albert Bourla Ian Read as Chief Executive in January. The company added new tasks for many executives and introduced a new chief digital officer.

shares of Pfizer were up 1.8 percent to $44,70 early afternoon trading on the New York Stock Exchange. Its shares are about 20 per cent this year exceeds that standard & poor’s 500 index, which is about 4 percent in the same period.

reporting by Michael Erman; Editing by Bill Berkrot

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