GlaxoSmithKline Poised to Cut 10,000 Jobs

by Tina Kells | February 3, 2009 at 11:15 am

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GlaxoSmithKline PLC, the largest pharmaceutical company in Europe, is expected to announce deep job cuts as part of its fourth quarter report. Shares of the company dropped to a 24-year low in January signalling that the company would have to do some major restructuring.

The London-based company is expected to announce another raft of job cuts alongside its results, with some reports predicting up to 10,000 jobs going, which would represent 10 percent of all staff. GlaxoSmithKline (nyse: GSK - news - people ) is in the middle of a restructuring to streamline the way drugs are brought to market and cut costs in the face of growing generic competition.